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Health Savings Account


HSA rule changes (Effective January 1, 2011) Current Lunch and Learn Topic

Save money, earn interest AND take advantage of the benefits you get on your income taxes!

  • Contributions may be tax deductible
  • Earnings grow tax deferred
  • Distributions for qualified medical expenses are distributed tax free
  • Employers can make contributions
  • Funds do not need to be used by the end of the year; they roll over from year to year.
  • May contribute up to $3,300 for a single coverage or up to $6,550 for family coverage
  • Catch up contributions of $1,000 per year can be made for each covered individual over 55.
  • Only available with a qualifying high deductible health plan ($1250 for self-only coverage and $2,500 for family coverage)*
Health Savings Account Features
Minimum Amount to Open $100
Minimum Balance to Avoid Service Charge None
Transaction Charges Free Unlimited Transactions

Annual Maintenance Fee (per plan) 

$10
Earn Interest Yes, compounded daily and paid monthly
Free Checks Yes on select styles
Visa Debit Card Yes, with no annual fee
Added Benefits

Free Online Banking

Free Online Bill pay

Free 24-Hour Telebanker

Make deposits and withdrawals at the teller line

Check Images with Statements Yes
Age Restriction Must be at least 18 years of age

*Consult your tax advisor and insurance provider for details.

 
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