To open any type of HSA with us, you’ll need to be on a high deductible health plan (HDHP). These are the deductible requirements:
Single – no less than $1,300
Family – no less than $2,600
These are the 2017 HSA Contribution Limits:
Single – $3,400 (over 55 and over $1,000 catch up, $4,400).
Family – $6,750 (over 55 and over $1,000 catch up $7,750).
An HSA can grow tax-free. But if your money is being added directly through a payroll, it may already be taxed. In that case, you may want to try filing a claim for it on your annual taxes.
There are three types of HSA Accounts.
HSA Checking Account: This account earns .10% dividends. You’ll need to have this as your primary HSA, even if you choose to open a club or a CD. This account is what you use to pay the bills for qualified medical expenses, and it includes a debit card so you can do so conveniently.
HSA Club Account: This account earns .25% dividends. If you’re healthy and don’t use your HSA funds often, you may want to move most of them to your HSA Club Account, so you can earn more in dividends. Contact us and we can help you transfer the funds.
HSA Certificate of Deposit (CD): This account earns the highest rate of dividends. It’s ideal for members who have several thousands of dollars in their HSA accounts and feel safe setting some aside in a CD. Remember, if you withdraw money invested in a CD before the maturity date, you’ll have to pay a penalty.
Only authorized signers can be on these accounts, NOT joint owners or beneficiaries.