Health Savings Account
What is a Health Savings Account ("HSA")?
A Health Savings Account is an alternative to traditional health insurance; it is a savings product that offers a different way for consumers to pay for their health care. HSAs enable you to pay for current health expenses and save for future qualified medical and retiree health expenses on a tax-free basis.
Eligibility
To make contributions to an HSA the account owner must meet all of the following requirements:
- Must be covered under a High Deductible Health Plan (HDHP)1
- Is not covered by any other health plan that is not a HDHP
- Is not enrolled in Medicare
- Is not actively using a Flexible Spending Account (FSA)
- Cannot be claimed as a dependent on another person's tax return
- Is less than 65 years old. Individuals may not make regular
contributions to an HSA in or after the tax year they reach age
65.
- The account owner is responsible for determining eligibility.
Please consult your tax advisor.
Account Features
- $100 minimum balance to open and earn dividends
- No set-up or annual fees
- Low $3 monthly fee
- Checks available
- Unlimited check writing
- Free MasterMoney Check Card
- Free Internet Banking/MARS
- Monthly statement
- Check out the dividend
rate for HSAs
Open Your HSA Account
If you would like to open your HSA Account or get more information, please contact us at (818) 993-6328 and speak to a Member Service Representative.
1 A HDHP is a medical insurance plan with a deductible of at least $1,100 for single coverage (account owner only) with a maximum out-of-pocket cap of $5,500; or a deductible of at least $2,200 for family coverage with a maximum out-of-pocket cap of $11,000. You must meet your deductible before the insurance policy provides coverage except for preventative care. Disclaimer: Our intent is for this information to be correct and accurate; however, the information is provided "as is" without warranty of any kind, either expressed or implied.
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