A Health Savings Account (HSA) is a tax-exempt trust or custodial account, established exclusively for the purpose of paying qualified medical expenses for the account beneficiary, who is covered under a high-deductible health plan.
How HSA's Works:
Health Savings Accounts work like a regular checking account and you can use a check or debit card to pay for qualified medical expenses. The funds in the account continue to grow tax-free, year after year.
- Competitive interest rates
- Local service
- Free HSA debit card
- Check writing (first box free)
- Monthly statements
- Year-end reporting for tax purposes
High Deductible Health Plans:
Single Coverage
2020 minimum annual deductible: $1,400.00
2020 maximum annual out-of-pocket expenses: $6,900.00
2020 maximum contributions: $3,550.00
2021 minimum annual deductible: $1,400.00
2021 maximum annual out-of-pocket expenses: $7,000.00
2021 maximum contributions: $3,600.00
Family Coverage
2020 minimum annual deductible: $2,800.00
2020 maximum annual out-of-pocket expenses: $13,800.00
2020 maximum contributions: $7,100.00
2021 minimum annual deductible: $2,800.00
2021 maximum annual out-of-pocket expenses: $14,000.00
2021 maximum contributions: $7,200.00
HSA Catch-Up Contributions
2020 Age 55 and older: $1,000.00
2021 Age 55 and older: $1,000.00
