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Health Savings Accounts

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Health Savings Account A Health Savings Account (HSA) is designed to help individuals with a HighDeductible Health Plan (HDHP) save for qualified medical expenses on a tax-advantaged basis. An HDHP is a health insurance plan that generally offers lower premiums in exchange for a higher deductible. Individuals can save by contributing money saved on premiums to their HSA and then using the money to pay for medical expenses.

Benefits of a Health Savings Account Triple Tax Savings

  • Tax deductions when you contribute to your account
  • Tax free earnings through investment
  • Tax free withdrawals for qualified medical expenses

Consult your tax advisor about the tax benefits applicable to Health Savings Accounts. Qualified medical expenses are defined under Section 213(C) of the IRS Code. More detail to the IRS Publication available about Medical and Dental Expenses here.

Health Savings CardA Health Savings Account will give you the opportunity to pay for unexpected medical bills by saving the money in a qualified plan that earns dividends. The account is affordable and flexible. You can contribute to your HSA at any time during the year and your HSA balance rolls over from year to year. There are no "use it or lose" rules on your HSA. You can set up automatic transfers or deposit to your HSA.

Complete your paperwork in advance. Print the Documents.

Contribution Limits & IRS Guidelines

Maximum Contributions
2020 IRS Limits   Single Plan Family Plan
Maximum Contribution Limit  under 55  $3,550   $7,100
Minimum Deductible   $1,400  $2,800
Maximum-out-of-pocket   $6,900 $13,800
Catch-Up Contribution (55+)   $1,000  $1,000
 2021 IRS Limits   
 Maximum  Contribution Limit under 55 $3,600  $7,200
 Minimum Deductible  $1,400  $2,800
 Maximum out-of-pocket
 $7,000 $14,000
 Catch-Up Contribution 55+ $1,000  $1,000




Who Can Have Health Savings Account?

Any adult can contribute to an HSA if he or she:
  • Has coverage under an HSA-qualified "high deductible health plan" (HDHP)
  • Has no other first-dollar medical coverage
  • Is not enrolled in Medicare
  • Cannot be claimed as a dependent on someone else's tax return

See our Rates and Fees.
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