Health Savings Accounts

Introducing Health Savings Accounts

The constant changes in Health Insurance Plans and their costs can be overwhelming. As a way to help manage expenses, many employers and individuals opt for a High Deductible Health Plan (HDHP) and save money by paying lower monthly health insurance premiums.

What is a High Deductible Health Plan?
A High Deductible Health Plan is a plan with an annual deductible of at least $1,100 for single (self-only) coverage and annual out-of-pocket expenses required to be paid not exceeding $5,500. For family coverage, HDHP has an annual deductible of at least $2,200 and annual out of pocket expense required to be paid not exceeding $11,000.*

*These amounts are subject to cost-of living adjustments and can change.

What is a Health Savings Account (HSA)?
An HSA is a tax-exempt savings account established exclusively for the purpose of paying or reimbursing qualified medical expenses of you, your spouse and your dependents. The funds can help pay your HDHP deductible and qualified medical expenses not covered by your insurance policy.

How does a HSA benefit YOU?

• Tax Benefits
• Savings Flexibility
• No Use-It-Or-Lose-It Clause
• Easy Access
• Additional Benefits

To open an HSA account check your eligibility. If you have any questions about whether your current plan is considered an HDHP, check with your employer or insurance agent.

When you're ready to open an HSA account, we're here to help!

To qualify for a Health Savings Account, you must be participating in a qualified High Deductible health Plan (HDHP), and your annualized deposit must reflect the lesser of either government limits or your deductible. Other limitations may apply. Check with your insurance agent or tax advisor to confirm eligibility.