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Health Savings Account (HSA)

  • Individual Account
  • Family Account

What is HSA?

Health Savings Accounts (HSAs) were designed to help individuals save for future qualified medical and retiree health expenses on a tax-free basis and are used in conjunction with a “High Deductible Health Plan” (HDHP)

What is a HDHP=”High Deductible Health Plan?

Health insurance plan with minimum deductible of:

  • $1,250 (self-only coverage) – 2014
  • $2,500 (family coverage) – 2014

Annual out-of-pocket (including deductibles and co-pays can not exceed:

  • $ 6,350 (self-only coverage) – 2014
  • $12,700 (family coverage) – 2014

HSA Maximum Annual Contribution by law (indexed annually)

  • $3,300 (self-only coverage) – 2014
  • $6,550 (family coverage) – 2014
  • $1,000 additional catch-up contribution is allowed for individuals 55 years or older – 2014

HSA Distributions

  • Distribution is tax-free if taken for “qualified medical expenses” 
  • Qualified medical expense must have occurred after the HSA was established

 

COME IN AND LEARN MORE HOW YOU CAN SAVE FOR FUTURE MEDICAL EXPENSES TAX FREE!

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