Health Savings Accounts (HSA)
Qualifying for an HSA
To be an eligible individual and qualify for an HSA you must meet the following requirements:
- You are covered under or qualifying for a high deductible health plan (HDHP)
- You are not covered by another plan that is not an HDHP.
- You are not enrolled in Medicare.
- You cannot be claimed as a dependent on another individual’s tax return.
A Health Savings Account is an investment that gives you the flexibility to manage your health care expenditures for you and your family, while saving money on a tax-free basis.
- Free debit card transactions at ATM access terminals
- First order of checks included with minimal setup fee
- Qualified contributions may be tax deductible
- Your account balance and interest earned will carry over from year-to-year and will grow tax-deferred
- HSA distributions provides you a tax free way to pay for qualified medical expenses
- Earn interest based on account balance