Health Savings Account (HSA)
Health Savings Account (HSA)
Benefits
-
No enrollment fee
-
Pay medical bills using an HSA debit card
-
Your balances roll over each year
-
Free e-statements
-
Easy access through Online Banking
-
Earn interest on all balances
Solutions With Every Account
-
A minimum balance or average daily balance of $1,000, otherwise a $2.00 service charge will occur.
-
Open with a $50 minimum deposit.
Health Savings Account Debit Card
Details
Account Details
- Do you have other health coverage (except for permitted coverage)?
- Are you enrolled in Medicare?
- Are you claimed as a dependent to another person's tax return?
| Tax Year | Coverage Type (MR629) |
Age | Catch-Up Contribution Limit |
Maximum Contribution Limit |
|---|---|---|---|---|
| 2022 | Individual | Under 55 | N/A | $3,650 |
|
Individual |
Over 55 (up to 65) | $1,000 | $4,650 | |
| 2022 | Family | Under 55 | N/A | $7,300 |
| Family | Over 55 (up to 65) | $1,000 | $8,300 | |
| 2023* | Individual | Under 55 | N/A | $3,850 |
| Individual | Over 55 (up to 65) | $1,000 | $4,850 | |
| 2023* | Family | Under 55 | N/A | $7,750 |
| Family | Over 55 (up to 65) | $1,000 | $8,750 |
*Per IRS Revenue Procedure 2022-24.
What is a High-Deductible Health Plan (HDHP)?
An HDHP's annual deductible is no less than the amounts shown in this chart.Contact your health plan provider for assistance in determining if your HDHP meets the requirements for an HSA.
| Tax Year | Self-Only Coverage Annual Deductible | Family Coverage Annual Deductible |
|---|---|---|
| 2021 | $1,400 | $2,800 |
| 2022 | $1,400 | $2,800 |
| 2023 | $1,500 | $3,000 |
FAQs
-
$500 for ATM transactions limits and $1,500 point of sale transactions.
-
Between January 1st and April 15th, you may choose current or previous year, depending on which year you are making contributions. Between April 16th and December 31st , you must choose current year.
-
A beneficiary is the person(s) or entity you name on your account to receive funds in the event of your death. We recommend you designate at least one primary beneficiary who will inherit your account assets in the event of your death. You can choose not to designate any beneficiaries.
-
A primary beneficiary receives account assets in the event of your death. A contingent beneficiary receives account assets in the event of your death only when all primary beneficiaries have also passed away.
A healthy way to save.
Helpful Links
-
Investment Goals
Learn valuable, everyday personal finance advice including setting and targeting investment goals, 401(k) information and more.
Learn More -
Deciding when to retire?
Explore resources to help you prepare for this exciting next stage of life.
Learn More -
