A Health Savings Account (HSA) is a type of personal savings account you can set up to pay certain healthcare costs. An HSA allows you to put money away and withdraw it tax free, as long as you use it for qualified medical expenses, like deductibles, copayments, coinsurance, and more.

Benefits

• No federal income tax. You aren’t taxed on money you put into it, or on the interest you earn, in an HSA
  account. You also don’t pay tax on withdrawals for qualified medical expenses.
• HSA doesn’t go away if job changes. You can keep your HSA, even if you change employers or retire.
• Possible use for spouse and dependents. You can use your HSA to pay for qualified medical expenses for your spouse and dependents, even if your HSA-eligible plan doesn’t cover them.
• No expiration date on funds. Your HSA contributions don’t expire. The money stays in the HSA until you use it.

Eligibility

You’re eligible to contribute to an HSA when you’re covered by an HSA-eligible plan (sometimes called a High Deductible Health Plan – HDHP). With HSA-eligible plans, the monthly premium is usually lower, but you pay more out-of-pocket health care costs yourself before your insurance company starts to pay its share. You can’t contribute to an HSA if you have Medicare coverage, or a plan that pays its share of a covered service without you having to pay deductibles or copayments first (called “first dollar coverage”)

An HDHP may be HSA-compatible if it satisfies the IRS’ annual deductible and out-of-pocket expense requirements. But the rules that define an HSA compatible HDHP can be complicated so check with your insurance provider or employer to see if your health plan is HSA-compatible.

The money you contribute to the account isn’t taxed as long as it’s used for qualified, out-of-pocket medical costs, like:

• Doctor Visits
• Hearing aids
• Prescription drugs
• Qualified long-term care services
• Acupuncture
• Psychological therapy/psychiatric care

Please refer to a qualified tax advisor regarding tax deductibility and other tax impacts.

HSA Plan Limits

Apply

Health Savings Account Application – Simply Apply Online or

Print and Bring into a Branch

• Print.
• Complete Application – Complete first page.  Print form, Sign and Date.
  • Use second page if additional beneficiaries are needed.
• Drop off at any Branch.
• Our HSA Accounts Team will contact you within two business days to finalize your HSA opening and sign documentation.