Health Savings Accounts

Health Savings Accounts

Summary

Lucky for you, there's a way to ride out the healthcare storm. Open up a Health Savings Account and take your health into your own hands.

HSAs provide a tax-advantaged* way to take care of yourself — and it's yours to rollover year-to-year. So whether you need it next year or ten years from now, you're covered. Talk to your employer about contributions.

Details:

  • Tax-advantaged* way to save for retirement
  • Must be enrolled in a qualified high deductible heath plan (minimum deductible of $1,250 for single coverage or $2,500 for family coverage)
  • Cannot be enrolled in Medicare
  • Cannot be claimed as dependent on another's tax return
  • Earn competitive dividends on entire balance
  • Tax-free withdrawals when used for qualified medical expenses
  • No "use it or lose it" policy since the balance carries over year-to-year
  • You, not your employer, owns the HSA
  • Easy ways to access and keep tabs on funds
  • No setup or annual fees

Contribution Limits

Contribution limits are set by the IRS. Current 2014 contribution limits are:

  • $3,300 for a single person
  • $6,550 for a family
  • A person age 55 or older may make an additional $1,000 in "catch-up" contributions

*Consult your tax advisor.

See our rates.

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