HSA rule changes (Effective January 1, 2011)
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 $3,250 for a single coverage or up to $6,450 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
|Minimum Balance to Avoid Service Charge
||Free Unlimited Transactions
||Yes, compounded daily and paid monthly
||Yes on select styles
|Visa Debit Card
||Yes, with no annual fee
Free Online Banking
Free Online Bill pay
Free 24-Hour Telebanker
Make deposits and withdrawals at the teller line
|Check Images with Statements
||Must be at least 18 years of age
*Consult your tax advisor and insurance provider for details.