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HEALTH SAVINGS ACCOUNTS (HSA)

Health Savings Accounts (HSA) offer tax benefits and savings for individuals with a high deductible health insurance plan.

HSAs work by deducting money pre-tax from your paycheck, like a 401(K). Then those funds, including the dividends you earn on them, are available to be used on qualifying medical expenses. Plus your HSA funds, including the dividends, roll over year after year so you can use them any time.

We make it easy to track your medical expenses with an HSA Visa® Debit Card. Pay for doctor appointments, prescriptions and other qualified expenses directly from your Health Savings Account.

Eligibility Requirements

  • Adults must have coverage under an HSA-qualified “high-deductible health plan” (HDHP).
  • You cannot have other first-dollar medical coverage.
  • You cannot be enrolled in Medicare.
  • You cannot be claimed as a dependent on someone else’s tax return.
  • You must not have received Veterans Affairs medical benefits in the previous three months.

Federal law requires that the health insurance deductibles fall within the limits in the chart below.

  Single Family
 Min. deductible $1,250 $2,500
 Max. Out-of-Pocket (including
deductibles, co-pays and insurance)
$6,350 $12,700


NOTE: These are 2014 IRS guidelines for qualifying HDHP and contributions. Contact your health plan representative to determine if your plan qualifies. The deductible must apply to all medical expenses (including prescriptions) covered by the plan. Plans can pay for “preventive care” services on a first-dollar basis (with or without a co-pay). Preventive care can include routine prenatal and well-child care, child and adult immunizations, annual physical, mammograms, pap smears, etc.

 
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Questions?
Call us at:
(309) 793-6200 or
(800) 722-0333