PersonalSavingsHealth Savings Account
Health Savings AccountSet money aside to pay for medical expenses incurred under a qualified high deductible health insurance plan with a Health Saving Account from Community First. A Health Savings Account (HSA) is a tax-advantaged savings account that provides an alternative to traditional health insurance and a different way to pay for and save for future health care needs.
What are the eligibility requirements?
- Save money to pay high or unexpected medical bills.
- No annual fees or low balance fees for the life of the account; a one-time $25 enrollment fee includes 25 checks and Visa Check Card.
- Contributions accumulate year-over-year, there is not a "use it or lose it" provision like a Flexible Spending Account (FSA).
- You decided how much to contribute, within federal regulated guidelines, and when to use funds or save them for the future.
- The account goes where you go, regardless of any job changes.
- Interest bearing checking account with a high Annual Percentage Yield on ALL balances.
How do you contribute to a Community First Health Savings Account?
- Individual is covered under a qualifying high deductible health plan on the first day of the month.
- Individual is generally not covered by any other health coverage including a spouse's health plan and sometimes a spouse's flexible spending account.
- Individual is not enrolled in Medicare.
- Individual may not be claimed as a dependent on someone else's tax return.
What are the Health Savings Account Contribution Limits?
- Through Direct Deposit, auto transfers, ACH, Payroll
- Stop in at any of our convenient locations
Like IRAs, HSAs have maximum annual contribution limits. Withdrawals from HSAs are tax-free if the funds are used exclusively for paying or reimbursing qualified medical expenses
Coverage, Limits and Catch-Up (catch-up for those 55 and older.)
| ||HSA Contribution Limits 2017|
| ||Minimum Deductible ||Maximum |
|Contribution Limit (Monthly) ||Catch Up Contribution|
|single ||$1,300 ||$6,550 ||$3,400 |
|family ||$2,600 ||$13,100 ||$6,750 ($562.50) ||$1,000 ($83.33)|
Using Your Health Savings Account
Withdrawals from HSAs are tax-free if the funds are used exclusively for paying or reimbursing qualified medical expenses. Qualified expenses are those incurred after the HSA is opened and include: doctor visits, prescription drugs and more! For more information on qualified expenses visit IRS.gov, click on publication 502.
Online & Phone Services available with this account:
To open your health savings account make sure to verify with your insurance provider that you have a qualified high deductible health insurance plan. Then, stop in at any of our convenient locations to open your account today.
- $25 one time enrollment fee
- Participation in a qualified High Deductible Health Plan required
When it comes to determining eligibility, it is the member's responsibility. We are only reviewing the requirements for your benefit.
Health Savings Account contributions can only be made for a person who meets the tests to be an eligible individual. Unlike IRAs, eligibility is determined on the first day of each month.