A Health Savings Account (HSA) is an account that you can put money into to save for future qualified medical expenses. There are certain advantages to putting money into these accounts, including favorable tax treatment. Please visit one of our conveniently located offices.
Finding HDHP Coverage
Any company that sells health insurance coverage may offer HDHP policies. Although the Bank cannot recommend any specific names of companies selling these policies, you should be able to find a qualified policy by contacting your current insurance company or an agent licensed to sell health insurance.
You can make a contribution to your HSA each year that you are eligible. For 2020, you can contribute up to the following amounts to a qualified individual’s HSA; $3,550 for self-only coverage or $7,100 for family coverage. Contributions can be made as late as April 15 of the following year.
Individuals age 55 and older can make additional “catch-up” contributions. The maximum annual catch-up contribution is $1,000 for 2019 and 2020. A covered spouse who is 55 or older, may also contribute a catch-up contribution, however, a separate HSA must be established in the spouse’s name.
How do I open a Health Savings Account?
Visit one of our conveniently located offices to open a Health Savings Account.
What happens to my HSA when I die?
If your spouse becomes the owner of the account, your spouse can use it as if it were their own HSA. If you are not married, the account will no longer be treated as an HSA upon your death. The account will pass to your beneficiary or will become part of your estate (and be subject to any applicable taxes).
How do I learn more about HSAs?
Visit with one of our customer service representatives or visit Treasury’s website for additional information about Health Savings Accounts, including answers to frequently asked questions, related IRS publication and forms, technical guidance, and links to other helpful websites. More information can be found by searching for HSA on the U.S. Department of the Treasury website. Click here to learn more.