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Health Savings Accounts (HSA’s)

A Health Savings Account (HSA) is an interest bearing* special account owned by an individual used to pay for current and future medical expenses.

HSA’s are used in conjunction with a “High Deductible Health Plan” (HDHP).

Who is eligible for HSA’s?
Any individual that:

  • Is covered by an HDHP
  • Is not covered by other health insurance
  • Is not enrolled in Medicare
  • Can’t be claimed as a dependent on someone else’s tax return

No income limits on who may contribute to an HSA

No requirement of having earned income to contribute to an HSA

The maximum amount that can be contributed to an HSA from all sources is:

  • $3,450 (self-only coverage)
  • $6,900 (family coverage)
    These amounts are indexed annually.

If you are 55 or older you can make a catch-up contribution of $1000 also.

All amounts in the HSA are fully vested.

Unspent balances in accounts remain in the account until spent.

For more frequently asked questions about HSA’s visit the web site and click on “Health Savings Accounts”

*Rates subject to change

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