HEALTH SAVINGS ACCOUNTS - HSA

Health care is a major issue facing many individuals and families today.  Health Savings Accounts (HSA) were created by the Medicare bill and are designed to help those with High Deductible Health Plans (HDHP) pay for current and future qualified medical expenses.  The HSA offers individuals many benefits, including the ability to keep their money and save towards retirement.  HSA accounts can be funded by you, your employer, or both.

To be eligible to open a Health Savings Account, a person must meet the following criteria:
  • Be covered by a high deductible health plan.
  • Have no other medical coverage.
  • Not be enrolled in Medicare.
  • Not eligible to be claimed as a dependent on someone else's tax return.
 High Deductible Health Plan Requirements
 
Tax Year HDHP Coverage Minimum Deductible Out-of-Pocket Expense Limit
2013 Self-only $1,250 $6,250
2013 Family $2,500 $12,500
2014 Self-only $1,250 $6,350
2014 Family $2,500 $12,700
 
Some great reasons to open a Health Savings Account: 
  • Tax savings
  • Earned interest
  • Reduced insurance premiums
  • Long-term savings
The Markesan State Bank offers an interest bearing HSA Checking Account.  With this account we require a minimum $100.00 deposit upon account opening.  There is a $25.00 setup charge which covers the cost of checks and documentation.  HSA Debit Cards are available also.
 
All deposit accounts at the Markesan State Bank are FDIC insured, including Health Savings Accounts. The standard insurance amount is $250,000.00 per depositor, per insured bank, for each account ownership category. The FDIC provides separate coverage for deposits held in different account ownership categories. Depositors may qualify for more coverage if they have funds in different ownership categories and all FDIC requirements are met.

 For more information on FDIC limits, CLICK HERE

Regular Contributions
 
Contribution limit may be reduced by partial-year eligibility, MSA contributions, and family coverage rules for married couples.
 
Tax Year HDP Coverage Standard Limit Catch-up Amount (Age 55+) Total Contribution Limit for Age 55+
2013 Self-only $3,250 $1,000 $4,250
2013 Family $6,450 $1,000 $7,450
2014 Self-only $3,300 $1,000 $4,300
2014 Family $6,550 $1,000 $7,550
 
 
Contribution Deadline: Income tax return filing due date, not including extensions. See IRS Publication 969 for more information on determining contribution amounts. 
 
To see if you qualify, please stop by and talk to an HSA specialist in Randolph, Waupun or the home office in Markesan
 
See Interest Rate schedule for interest rates.