Manage your money for the benefit of your health.
What is a Health Savings Account (HSA)?
A Health Savings Account (HSA) is a personal, tax-advantageous savings account which you may use to help pay for future qualified healthcare expenses for you and your family. It works in conjunction with a High Deductible Health Plan (HDHP).
What is a High Deductible Health Plan (HDHP)?
According to the IRS, a qualifying HDHP has a minimal annual, in-network deductible of $1,400 for single coverage, $2,800 for family coverage. Please check with your employer to see if they offer a qualifying HDHP.
What are the tax benefits of an HSA?
Who can contribute to an HSA?
Both you and your employer may contribute to your HSA. Other qualified family members may also contribute to the HSA for you, so long as they meet the IRS guidelines. In order to make contributions, an adult must have the following:
How does an HSA work?
You simply deposit your funds into an interest-bearing account here with TruPoint Bank through either payroll deduction (pre-tax), or by mailing in a check (post tax). You may then use those funds to pay for qualified medical expenses below your insurance deductible, as well as co-insurance requirements after your deductible is met, and even qualified expenses not covered by your health plan. Unused funds simply roll over into the next year. You never lose your HSA contributions; they just keep accumulating and earning interest. Your money is ready whenever you need it, today or some point in the future.
How much can I contribute to my TruPoint Bank HSA in 2021?
To learn more about a TruPoint Bank Health Savings Account, please visit one of our offices near you or give us a call at (276) 935-8161. We’ll be glad to answer any questions and help educate you about this great product.