Do you want to set money aside for future medical costs? You may be eligible for a tax-free health savings account.

Health savings accounts (HSAs) provide you with another option for paying your medical expenses. Qualified individuals can set money aside, tax-free, for future medical needs. It's easy to access your account or set up contributions.


You may be eligible for an HSA if you:

  • Are covered by a qualifying high-deductible health plan
  • Are not covered by any other health plan
  • Are not yet enrolled in Medicare
  • Cannot be claimed as a dependent on someone else's tax return
  • The money you set aside in your HSA stays with you. Whether you change jobs or switch insurance companies, that money will still be there for medical expenses—and you decide when to use it.

 

Maximum Contributions:

  • For 2017, the maximum can you can contribute to a Health Savings Account is a $3,400 for single coverage and $6,750 for family coverage. Minimum High Deductible Health Plan deductibles are $1,300 for single coverage or $2,600 for family coverage.
  • For 2018, the maximum can you can contribute to a Health Savings Account is a $3,450 for single coverage and $6,900 for family coverage. Minimum High Deductible Health Plan deductibles are $1,350 for single coverage or $2,700 for family coverage.

Are you ready to open a health savings account? Give us a call or stop by one of our branch offices to open an account today.




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