Opening a Health Savings Account (HSA) can be one of the healthiest financial decisions you can make! HSAs are designed to help you save for future qualified medical and health expenses on a tax-advantaged basis. By planning ahead you can make great things happen such as tax-deductible contributions, tax-free earnings, and tax-free withdrawals for qualified medical expenses. 
 
To participate in a HSA you must first be enrolled in a high-deductible health plan (HDHP). (HDHP is a health plan with an annual deductible of at least $1,250 for an individual and $2,500 for a family. The maximum out-of-pocket coverage is $6,250 for an individual and $12,500 for a family). When you open a Health Savings Account, you can enjoy the considerable benefits this program delivers while we handle the details. 
 
After completing the application, please bring it into any one of our convenient offices. 
 
HSA Designation of Beneficiary Form 
HSA Application 
 
Health Savings Account Advantages 
 
Tax Savings – An HSA provides you triple tax savings:  
  • Tax deductible when you contribute to your account (tax-deferred if contributions are made by your employer).
  • Tax-free earnings through investment.  
  • Tax-free withdrawals for qualified medical expenses.
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    Investment Options – You can save the money in your account and let it accumulate from year to year, allowing your HSA to become part of your investment strategy. Earn more on balances of $5,000 and greater by investing in an HSA certificate of deposit. 
     
    Convenience – You have instant access to funds needed to cover qualified medical expenses when you use your HSA VISA® debit card. 
     
    2014 HSA Contribution Limits 
                                   Individual          Family 
    Under age 55            $3,300              $6,550 
    Age 55+                    $4,300              $7,550 
     
    HSA Checking Account  
    An HSA Checking Account will earn more interest on higher balances. A minimum of $25 is required to open the account with a minimum balance of $2,500 required to avoid monthly maintenance fee. This account also includes free Online Banking, Bill Pay and eStatements. 
     
    For a complete list of IRS-allowable health care expenses, refer to IRS Publication 502 "Medical and Dental Expenses" available at www.irs.gov under "Forms and Publications." 
     
    FDIC
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