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Health Savings Account

A Health Savings Account (HSA) offers an alternative way to manage and pay for medical expenses using specific HSA checks or your HSA Visa debit card. Qualified contributions are fully tax-deductible and qualified distributions are tax-free.

To participate in this savings plan you:

  • Need to be enrolled in a high deductible health plan
  • May not be enrolled in Medicare or Medicaid
  • May not be claimed as a dependent on someone else's federal income tax return
  • You may withdraw as much as you need, up to the amount available in your account

With this account:

  • Contributions can be made by employee, employer or both any time during the year
  • Balances roll over year to year
  • Dividends paid monthly
  • Contributions may be continued even if you change jobs
  • Convenient access to your funds by check, HSA debit card or by withdrawal form
  • Contributions limits are set by the IRS. For 2020, the limits are:
  • Single Coverage Annual Limit: $3,550.00
  • Single Coverage Monthly Limit: $295.84
  • Family Coverage Annual Limit: $7,100.00
  • Family Coverage Monthly Limit: $591.67
  • If age 55 years or older, Catch Up Contribution: $1,000.00

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