What is a Health Savings Account?
A Health Savings Account (HSA) is a tax-exempt trust or custodial account established exclusively for the purpose of paying qualified medical expenses of you and your family.
Am I eligible for a HSA?
You are eligible to make or receive a HSA regular contribution if, with respect to any month, you:
- Are covered under a high-deductible health plan (HDHP);
- Are not covered by other health insurance (does not apply to specific injury insurance and accident, disability, dental care, vision care, long term care);
- Are not entitled to benefits under Medicare, and;
- May not be claimed as a dependent on another individual’s tax return.
Minimum to open: $25
Fees: $2 per Quarter if below $200 Average Daily Balance.
Interest Rate: Accrues daily on the actual collected balance of $1,000 and above. Interest pays quarterly at current rates.
Contact us for more details.