Health Saving Accounts
At Capaha Bank, we know that money set aside for the care of your family’s health is a wise investment. That’s why we offer our Health Savings Checking Account.
A Health Savings Account (HSA) is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a high-deductible health plan (HDHP). The funds contributed to an account are not subject to federal income tax at the time of deposit.
What are some of the advantages of a HSA?
- Tax deductions for deposits
- Tax-free earnings on interest accrued
- Tax-free withdrawals for qualified medical expenses
- Your deposits remain in your HSA from year to year – no “use it or lose it”
- Your HSA can be used to pay deductibles and coinsurance for your health plan
- Keep your HSA even if you change jobs or become unemployed
To be an eligible individual and qualify for an HSA,
you must meet the following requirements.
- You must be covered under a high deductible health plan (HDHP) on the first day of the month.
- You have no other health coverage, with some exceptions permitted.
- You are not enrolled in Medicare.
- You cannot be claimed as a dependent on someone else’s tax return.
|HSA Contribution Limits||2016||2017|
|Individual Regular contribution||$3,350||$3,400|
|Individual Catch-Up (Age 55+) Contribution||$1,000||$1,000|
|Family Regular Contribution||$6,750||$6,750|
|Family Catch-Up (Age 55+) Contribution||$1,000||$1,000|
If a Health Savings Account is just what the doctor ordered for your family,
come in to open yours today!
For more information: Health Savings Accounts (HSAs) Resource Center, US Dept. of Treasury