Health Savings Account
A Health Savings Account (HSA) is a tax-advantaged account that can be established by eligible individuals covered under a high-deductible health plan to save and pay for qualified medical expenses. Examples of qualified expenses include co-pays, hospital visits, prescription drugs and some insurance premiums such as long-term care insurance.
Contributions made on your behalf are fully tax-deductible, earnings are tax-deferred and distributions used to pay for qualified medical expenses are tax-free, regardless of your income.*
A key benefit of an HSA is that the contributions you make belong to you with no spending deadline. All unused contributions stay in your account, earning tax-deferred interest.
| IRS Requirements for 2016 | Single | Family |
| Contribution Limit | $3,350 | $6,750 |
| Catch-up contribution (55 or older) | $1,000 | $1,000 |
Features of a Health Savings Account:
- FREE custom-image checks.
- $100 minimum deposit to open the account.
- FREE Visa ® Debit Card and unlimited check writing.
- FREE Online Banking for viewing your account information.
- $1.50 monthly fee.
- $15 one-time set-up fee.
- Billpay is available at no charge.
Applying for a Health Savings Account is fast and easy! Visit any of our Personal Bankers at the SCSB office nearest you to open an account. For a complete list of details, see the Health Savings Account Disclosure.
* Consult your tax advisor regarding the tax advantages of a health savings account.
