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HSA Checking

With the rising cost of healthcare, you need to know your needs are taken care of. An HSA is a smart way to start saving money for future medical expenses.

With this handy account, it's easy to manage contributions and pay for your monthly medical expenses with checks or easy debit card transactions.

Questions?

Summary

This account must be used in conjunction with a High Deductible Health Plan. See the HSA FAQs for more information.

Checking features

No minimum balance requirement
No monthly fee
No per debit charge
Unlimited check writing
Monthly statement and check images
Unlimited VISA Debit Card usage
Unlimited Online Banking
Unlimited 24-Hour TeleBank usage
$100 to open

An enrollment fee of $25 is all it takes to start taking advantage of the tax benefits of your new HSA Checking.

HSA Features:

Contributions are tax deductible
Interest earned in an HSA grows tax-free
Money invested in an HSA carries over from year to year
If you change jobs, the HSA goes with you
HSAs help make health care affordable

HSA FAQs

What is a Health Savings Account (HSA)?

A Health Savings Account is an alternative to traditional health insurance. It is a savings product that offers a different way for consumers to pay for their routine medical expenses. HSAs enable you to pay for current health expenses and save for future qualified medical and retiree health expenses on a tax-free basis. HSAs must be used in conjunction with a qualified High Deductible Health Plan (HDHP).

What is a qualified High Deductible Health Plan (HDHP)?

An HDHP is an insurance plan that has a minimum deductible of $1,150 annually for individual coverage ($2,300 minimum for family coverage). Maximum annual out of pocket cannot exceed $5,500-individual/$11,000-family. You need to verify with your insurance provides and/or with your employer as to whether or not your insurance plan qualifies you to contribute to an HSA. Usually plans with co-pays are not eligible.

What are eligibility qualifications for an HSA?

Must be covered under a qualified high-deductible health plan
Not covered under another type of health plan
Not entitled to Medicare benefits (must be under 65)
Not claimed as a dependent on another person's tax return

What are the contribution requirements to an HSA?

Can annually contribute up $3000 for individuals and $5,950 for families in 2009. These amounts will be increased for inflation in future years.

In addition, individuals over age 55 can make additional catch-up contributions each year until they are eligible to enroll in Medicare. The amount of the additional catch-up amount is based on the following schedule: