Health Savings Account (HSA)

Description:
Checking account that lets you set aside pre-tax money to be used for qualified medical expenses

Requirements:

• Must be covered by a High Deductible Health Plan (HDHP)
• Must be 18 years of age or older
• You must not be claimed as a dependent on another person’s tax return
• Must not be enrolled in Medicare
• Total amount contributed for any tax year may not exceed annual limits*

Benefits:

• This account is an interest bearing account and is credited to the account monthly
• Easy access to Funds
• Can help cover out-of-pocket health costs
• Unused funds roll over from year to year to assist with future medical expenses

Cost:

• $2 monthly service charge

Other restrictions and exceptions may also apply. HSA contribution rules are often complex. We recommend that you consult a tax, legal or financial advisor to discuss your personal circumstances. You may also refer to IRS Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans, for more information. This publication is available on the IRS website at www.irs.gov or by calling 1-800-TAX-FORM

*Individual contribution and family contribution limits may vary each year. It is your responsibility to stay within your contribution limit for that tax year.