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Capaha Arrowhead IconHealth 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

Capaha Bank does not provide tax or legal advice. You should consult your own tax advisor regarding your tax needs.
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