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HSA Debit Card Account

Health Savings Account

General Description:

A Health Savings Account (HSA) is a tax-exempt custodial account established for the purpose of paying or reimbursing qualified medical expenses for an individual, family and/or spouse.

Who Is Eligible:

  • Individual that is covered under a high-deductible health plan or HDHP
  • Individual cannot be covered under any other health plan that isn't an HDHP
  • Individual not enrolled in Medicare
  • Individual is not a dependent on another person's federal income tax return

We offer:

Interest Bearing Checking Account

Balance Interest Rate Annual Percentage
Yield (APY)
Less than $100 0.00% 0.00%
$100 - $999.99 0.10% 0.10%
$1,000 - $4,999.99 0.20% 0.20%
$5,000 - $14,999.99 0.65% 0.65%
$15,000 and over 1.00% 1.00%

Fees may reduce earnings. Rates may change after the account is opened. Effective

  • Rates subject to change
  • One time set-up fee: $25
  • Annual fee: $24
  • Debit Card: No fee(included)
  • Additional Card(s): $5 each
  • Checks: Starter pack at no charge
  • Online Banking: Inquiry available at no charge

Other fees may apply per our Consumer Fee Schedule. (For example: overdrafts, foreign ATM transactions, etc.)

What Are the Federal Tax Benefits:

  • Contributions - fully deductible
  • Earnings grow tax deferred
  • Distributions - tax free (when used for qualified medical expenses.)

Please consult your tax or legal advisor!

Who Can Contribute:

  • Individual
  • Family members
  • Your employer
  • Any other person including a "non - individual"
  • Individual may be self-employed or unemployed

When is the Deadline for Contributions:

  • Federal income tax return due date which is April 15th (unless an extension was filed)

How Much Can Be Contributed: (as of publication date-subject to cost of living adjustments)

Tax Year Self-Only Family Additional Catch-Up
Contribution*
2008 $2,900 $5,800 $900
2009 $3,000 $5,950 $1,000
2010 $3,050 $6,150 $1,000

*Catch-up contribution is available for individuals who are 55 or older by the end of the tax year and are not enrolled in Medicare.

Limit of "Out of Pocket Expenses" Allowed During Tax Year:

"Definition of High Deductible Health Plan"
A health plan is a high deductible health plan if the plan satisfies both an annual deductible and an out-of pocket expense requirement.

Tax Year Self-Only Family Annual Deductible
2008 $5,600 $11,200 SELF-ONLY $1,100
      FAMLY COVERAGE $2,200
2009 $5,800 $11,600 SELF-ONLY $1,150
      FAMLY COVERAGE $2,300
2010 $5,950 $11,900 SELF-ONLY $1,200
      FAMLY COVERAGE $2,400

How is the Activity Reported:

  • Our bank will report contributions and distributions to the IRS
  • Individual must report contributions and distributions on IRS Form 8889
  • The bank is not responsible to monitor limits or distributions

HSA Owner's Responsibility:

  • Determine eligibility
  • Determine if contributions/distributions are qualified
  • Seek tax and/or legal assistance

Upon Individual's Death:

  • If the spouse is the beneficiary - account becomes his/hers
  • If the spouse is not the beneficiary, the HSA becomes part of estate. (Fair market value is calculated on date of death.)

Member FDIC.

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