Account Holder FAQ
What is an HSA?
An individually owned tax-exempt interest-bearing health savings account. Allows you to manage how you plan and pay for qualified medical expenses.
Am I eligible?
To be eligible for an HSA an individual must be enrolled in a qualifying High Deductible Health Plan (HDHP) often through an employer or individually purchased through an exchange.
How it works?
Start contributing through payroll deductions or rollover from another HSA. Use your HSA funds to pay for qualified medical expenses. It's that simple.
|Tax year||HSA contribution limit|
|At age 55, an additional $1,000.00 is allowed annually|
- Contributions and earnings are tax exempt when used for qualified expenses.
- Funds roll over from year to year as the account is owned by the individual, not the employer.
- HSA funds can be transferred/rolled over to other HSA trustees.
- HSA funds can be saved for retirement, as distributions are penalty free after the age of 65.
- HSA funds are easy to distribute via debit card, online banking, or check.
By partnering with the HSA industry investment leader, Devenir, you will have
access to a diverse lineup of carefully curated mutual funds which you can select
individually or utilize the Guided Portfolio model.
- By maintaining a $500 minimum balance you will have immediate access to funds providing you peace of mind when unexpected health care expenses arise.
- Achieve your financial goals with the potential for additional returns.
- Make the most of your health care dollars by maximizing tax savings.