Health Savings Account
Is A Health Savings Account (HSA) For You?
An HSA is a tax-exempt account established to help pay medical expenses in conjunction with a high-deductible health care plan (HDHP).
An HSA can help you save for future health and retirement needs. Although an HSA is primarily used to pay health care expenses on a tax-preferred basis, it can also be used to accumulate retirement savings – also on a tax-preferred basis. Much like an individual retirement account, unused deposits roll over each year and grow tax-preferred through investment earnings.
To better understand the ins-and-outs of HSAs, read our FAQs.
To open an HSA and make tax-fee contributions, you:
- Must have a high-deductible health insurance plan
- Cannot be covered by another non high-deductible health plan
- Cannot be enrolled in Medicare
- May not be claimed as a dependent on another person’s tax return
Heritage Bank’s HSA account offers competitive, tiered interest rates as well as:
- Free debit card
- Free online banking
- No monthly fee if balance is above $5,000
- Direct deposit without having an NBKC primary checking account
2008 Contribution & Deduction Limits
| 2008 REQUIREMENTS | ||
| HEALTH PLAN | SINGLE | FAMILY |
| Minimum deductible | $1,100 | $2,200 |
| Out-of-pocket max | $5,600 | $11,200 |
| Maximum contribution | $2,900 | $5,800 |
$900 additional catch-up contribution allowed for those age 55 and older.
2009 Contribution & Deduction Limits
| 2009 REQUIREMENTS | ||
| HEALTH PLAN | SINGLE | FAMILY |
| Minimum deductible | $1,150 | $2,300 |
| Out-of-pocket max | $5,800 | $11,600 |
| Maximum contribution | $3,000 | $5,950 |
$1000 additional catch-up contribution allowed for those age 55 and older.
Apply today for a health savings account with Heritage Bank.
Paper checks are available at normal rates. Account has a $15 set-up fee. Set-up fee subject to change at any time. $2 monthly fee if balance falls under $5,000.
