A Health Savings account is a tax-exempt trust or custodial account established exclusively for the purpose of paying qualified medical expenses of you and your family.
HEALTH SAVINGS ACCOUNT FEATURES
- Opening Balance - $50
- No Monthly Service Charges
- $50 Minimum Balance Required for interest to be compounded and paid quarterly
- Debit Card - Free
- On-line Banking - Free
- Mobile Banking ** - Free
- 18 Month Variable Savings
- Earns Interest
HEALTH SAVINGS ELIGIBILITY
Eligibility is not based on compensation. An eligible individual is on who is:
- Covered under an HDHP
- Not covered by another health plan that is not an HDHP
- Not enrolled in Medicare
- Not eligible to be claimed as a dependent on another individuals federal income tax return
A high deductible health plan is a plan with an annual deductible of at lease $1,050* for individual coverage, and no more than $3,000*. The deductible for family coverage is at least $2,100*, and no more than $6,000*.
You can make a contribution to your Health Savings each year that you are eligible. You can contribute up to the amount of your HDHP deductible but no more than:
- $2,700* - Self-only
- $5,450* - Family coverage
*2006 amounts; adjusted annually for inflation
Individuals age 55 to 64 can also make additional "catch-up" contributions.
2006 - $700 2007 - $800
2008 - $900 2009 and after - $1,000
A Health Savings Account (HSA) is a tax-exempt trust or custodial account established exclusively for the purpose of paying qualified medical expenses for you and your family. Please see your Ireland Bank New Accounts Representative for additional information.
** Message and data rates may apply. Please contact your mobile carrier for details.
