Savings & CDsHealth Savings Account
A great solution to rising health care costs.
Why a Health Savings Account?
You can withdraw money from a HSA tax-free if the money is used to pay qualified medical expenses as permitted under federal tax law.
- Earns interest
- Tax-deductible contributions*
- $1,000 minimum daily balance required to avoid $2.50 monthly service charge
- Lower insurance premiums
- $50 minimum deposit to open
- Free Visa® Debit Card with no annual fee
- Must be covered under a qualified, high deductible health plan (HDHP)
- Cannot be claimed as a dependent on another person’s tax return
- Cannot be enrolled in Medicare
- $3,400 for a single person
- $6,750 for a family
- A person age 55 or older may make an additional $1,000 in “catch-up” contributions