Health Savings Account (HSA)

• Greater personal control over healthcare management and expenses
• Prepare for qualified medical expenses
• Earn competitive interest on entire balance
• An HSA provides triple tax savings:
  • Tax deductions when you contribute to your account
  • Tax-free earnings through investment
  • Tax-free withdrawals for qualified medical, dental, vision expenses, and more¹
• Contributions are tax-free and can be made by you, your employer, or a third party²
• Funds can be withdrawn at any time³
• No monthly service fees
• No minimum balance requirements
• Unused funds remain in account year after year; no "use it or lose it" policy
• Keep your HSA in your name, regardless of career or life changes
• Federally insured by FDIC
• $50 minimum deposit to open

Most adults under 65 who are not enrolled in Medicare and are covered under a high-deductible health plan (HDHP) can qualify for an HSA, but it is up to the account holders to determine their own eligibility.

To be eligible:

• You must be covered by a high deductible health plan (HDHP) on the first day of a month to qualify for eligibility for that month
• You must have a minimum deductible of $1,300 for individuals or $2,600 for families
• Your annual out-of-pocket expenses (including deductibles and co-pays) cannot exceed $6,550 for individuals or $13,100 for families
• Contributions are limited to annual IRS guidelines
• A person age 55 or older may make an additional $1,000 in "catch-up" contributions
• You cannot be covered by any other health plan that is not an HDHP
• You cannot be enrolled in Medicare
• You cannot be claimed as a dependent on someone else's tax return
• You must be under age 65

There are no eligibility restrictions regarding income level and there is no requirement of earned income to make contributions.