Health Saving Accounts (HSA)

A Health Savings Account (HSA) is a valuable tool when it comes planning for future medical expenses. HSAs are available for those who:

  • Are covered under an HSA-qualified High Deductible Health Plan (HDPD)*
  • Have no other first-dollar medical coverage
  • Are not enrolled in Medicare
  • Are not eligible to be claimed as a dependent on another’s tax return

Why should I open an HSA?

An HSA can provide a number of benefits to account holders. It can be a safety net in the face of unexpected medical expenses, and it is flexible enough to pay for a variety of uncovered medical expenses. You are also in control of your account; you control how much you contribute, which bills you pay with the funds and whether you want to invest any of the money in the account. HSAs even follow you from job to job, when you move or when you get married.

HSA Contribution Limits, Deductibles and Out-of-Pocket Expenses

Contributions to your HSA can be made by you as an employee, your employer or both. These contributions can be deducted on your federal tax return. However, there are limitations on annual HSA contributions.  To contribute to an HSA, you must be covered under a high deductible health plan (HDHP).  Use the tables below to help determine if your HDHP is eligible.

HSA Contribution Limits*

Year

Self-Only Coverage

If age 55 or older

Family Coverage

If age 55 or older

2014

$3,300

$4,300

$6,550

$7,550

2015

$3,350

$4,350

$6,650

$7,650

 *These limits are subject to annual cost-of-living adjustments.

High Deductible Health Plan Limits*
 

Year

Self-Only Coverage

Family Coverage

Minimum annual deductible

2014

$1,250

$2,500

2015

$1,300

$2,600

Maximum out-of-pocket expenses

2014

$6,350

$12,700

2015

$6,450

$12,900

*These limits are subject to annual cost-of-living adjustments.

How can I use my HSA?

Federal law permits you to use the money in your account to pay for any “qualified medical expenses” for yourself, your spouse or any children you claim as dependents. These include most medical care and services, dental and vision care, as well as over-the-counter drugs. Unless an exception is made, you cannot use your account to pay for medical insurance premiums.

To open an HSA with FNB Fox Valley, simply call or stop by any of our branches to set up an appointment with any of our Personal Bankers. We also recommend you contact your health plan provider and tax advisor for details about HSAs.

For more information about HSAs visit this page.

 

HSA Service Center: Click Here