HSA Brochure
1
HEALTH SAVINGS ACCOUNTS Cover your medical expenses HEALTH SAVINGS ACCOUNTS save for future medical expenses with ease... Affording quality health care is a concern many of us have; you want to make sure you can manage the expenses for the excellent care you and your family receive. Health insurance is becoming more and more expensive with people accepting higher deductibles on their insurance plans in order to keep monthly premium costs down. Un- fortunately, those medical costs not covered by insurance still need to be paid. If you are covered by a high-deductible health insurance plan, State Central’s Health Savings Accounts (HSAs) can help you save for medical expenses easily and convenient- ly. Plus, you can take advantage of the tax benefits of- fered by HSAs. Open a State Central HSA with as little as $5.00 and with regular contributions, you will be prepared to cover many of your medical expenses. with a convenient account that offers tax advantages DETERMINE your eligibility... You are eligible to open a State Central HSA if you are: Covered by a qualified high-deductible health insurance plan (HDHP) on the first day of the same month the HSA is opened. A single coverage HDHP is defined as having a minimum deductible of $1,100 with maximum out-of-pocket of $5,600. A family coverage HDHP is defined as having a minimum deductible of $2,200 with maximum out-of-pocket of $11,200. Not covered by any other plans that pay medical expenses. Not covered by Medicare or you have not received Veterans Administration medical benefits within three months prior to opening the HSA. Not claimed as a dependent on another person’s tax return. For HSA owners who are covered under single cov- erage HDHPs, the IRS allows a maximum yearly HSA contribution of $2,900 ($241.67 per month). Under family coverage HDHPs, accountowners can contribute up to $5,800 within the year ($483.33 per month). HSA owners who are 55 or older are able to make catch-up contributions of no more than $900 a year ($75.00 per month). This is in addition to the regular HSA contribution limits set by the IRS. ENJOY tax advantages now while you watch your savings grow... As an HSA owner, you are able to deduct from your in- come taxes any contributions made to the account. In addition, your employer can make tax-free contributions to your HSA. The funds that accumulate in your HSA can be carried over from year to year, and any interest you make on the account is tax-deferred. All of these tax advantages allow you to maximize the amount you can save towards medical expenses, ensuring you will be able to cover these expenses when necessary. TAX-FREE withdrawals made simple with State Central’s HSA Debit Card... Qualifed medical expenses not covered by insurance or another health plan can be covered with distribu- tions from your HSA. These include expenses incur- red by a spouse or any dependent of the HSA owner. Distributions made for qualified medical expenses are tax-free and penalty-free no matter the age of the person incurring the expenses. If you are 65 or older, distributions taken for non-qualified medical expenses are penalty-free. State Central makes it easy to take distributions from your HSA with the HSA Debit Card. Use this card just like a credit card and have the funds directly de- ducted from your HSA. Use the card wherever VISA is accepted. YOUR HSA has you covered... Please contact your tax consultant for further infor- mation regarding HSA eligibility, contribution limita- tions, determination of qualified medical expenses and any tax consequences resulting from HSA distri- butions. For additional questions or further information, please stop in at any of our convenient State Central Credit Union offices, call (414) 778-1000 (in West Bend, call (262) 338-0011) or e-mail us at [email protected]. for HSA rates CLICK HERE
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Transcript of HSA Brochure
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TS Cover your medical expenses
HEALTH SAVINGS ACCOUNTSsave for future medical expenses with ease...Affording quality health care is a concern many of ushave; you want to make sure you can manage the expenses for the excellent care you and your family receive. Health insurance is becoming more and more expensive with people accepting higher deductibles on their insurance plans in order to keep monthly premium costs down. Un-fortunately, those medical costs not covered by insurance still need to be paid.
If you are covered by a high-deductible health insurance plan, State Central’s Health Savings Accounts (HSAs) can help you save for medical expenses easily and convenient-ly. Plus, you can take advantage of the tax benefi ts of-fered by HSAs. Open a State Central HSA with as little as $5.00 and with regular contributions, you will be prepared to cover many of your medical expenses.
with a convenient account that offers tax advantages
DETERMINE your eligibility...
You are eligible to open a State Central HSA if you are: Covered by a qualifi ed high-deductible health insurance plan (HDHP) on the fi rst day of the same month the HSA is opened. A single coverage HDHP is defi ned as having a minimum deductible of $1,100 with maximum out-of-pocket of $5,600. A family coverage HDHP is defi ned as having a minimum deductible of $2,200 with maximum out-of-pocket of $11,200.
Not covered by any other plans that pay medical expenses.
Not covered by Medicare or you have not received Veterans Administration medical benefi ts within three months prior to opening the HSA.
Not claimed as a dependent on another person’s tax return.
For HSA owners who are covered under single cov- erage HDHPs, the IRS allows a maximum yearly HSA contribution of $2,900 ($241.67 per month). Under family coverage HDHPs, accountowners can contribute up to $5,800 within the year ($483.33 per month).
HSA owners who are 55 or older are able to makecatch-up contributions of no more than $900 a year ($75.00 per month). This is in addition to the regular HSA contribution limits set by the IRS.
ENJOY tax advantages now while you watchyour savings grow...
As an HSA owner, you are able to deduct from your in-come taxes any contributions made to the account. In addition, your employer can make tax-free contributions to your HSA. The funds that accumulate in your HSA can be carried over from year to year, and any interest you make on the account is tax-deferred. All of these tax advantages allow you to maximize the amount you can save towards medical expenses, ensuring you will be able to cover these expenses when necessary.
TAX-FREE withdrawals made simplewith State Central’s HSA Debit Card...
Qualifed medical expenses not covered by insurance or another health plan can be covered with distribu-tions from your HSA. These include expenses incur-red by a spouse or any dependent of the HSA owner. Distributions made for qualifi ed medical expenses are tax-free and penalty-free no matter the age of the person incurring the expenses. If you are 65 or older, distributions taken for non-qualifi ed medical expenses are penalty-free.
State Central makes it easy to take distributions from your HSA with the HSA Debit Card. Use this card just like a credit card and have the funds directly de-ducted from your HSA. Use the card wherever VISA is accepted.
YOUR HSA has you covered...
Please contact your tax consultant for further infor-mation regarding HSA eligibility, contribution limita-tions, determination of qualifi ed medical expensesand any tax consequences resulting from HSA distri-butions.
For additional questions or further information, please stop in at any of our convenient State Central Credit Union offi ces, call (414) 778-1000 (in West Bend, call (262) 338-0011) or e-mail us at [email protected].
for HSA ratesCLICK HERE
