For more information please call (407) 831-8844 or Email: HSA Info rates
WHAT IS A HEALTH SAVINGS ACCOUNT? A Health Savings Account (HSA) is a tax-exempt trust or custodial account established exclusively for the purpose of paying or reimbursing qualified medical expenses of you, your spouse and your dependents.
AM I ELIGIBLE FOR AN HSA? You are eligible for a regular HSA contribution if, with respect to any month, you:
Are covered under a high-deductible health plan (HDHP) on the first day of such month;
Are not also covered by any other health plan that is not an HDHP (with certain exceptions for plans providing preventive care and limited types of permitted insurance and permitted coverage);
Are not enrolled in Medicare; and
Cannot be claimed as a dependent on another individual's tax return.
WHAT IS AN HDHP? An HDHP is a plan with an annual deductible no less than the amounts shown in the chart that follows:
HDHP ANNUAL DEDUCTIBLE
Tax Year
Self-Only Coverage
Family Coverage
2009
$1,150
$2,300
2010
$1,200
$2,400
2011 and later
Subject to COLA's*
Subject to COLA's*
*Cost-of-Living-Adjustments
ARE THERE OTHER REQUIREMENTS FOR THE HDHP? Yes. For the HSA purposes, the HDHP must limit out-of-pocket expenses to no more than the amounts shown in the chart that follows.
MAXIMUM OUT-OF-POCKET EXPENSES
Tax Year
Self-Only Coverage
Family Coverage
2009
$5,850
$11,600
2010
$5,950
$11,900
2011 and later
Subject to COLA's*
Subject to COLA's*
*Cost-of-Living-Adjustments
WHAT ARE AN HSA OWNER'S RESPONSIBILITIES? If you are eligible, you can establish an HSA in much the same way you would establish an IRA - with a qualified trustee or custodian. Each year, you are responsible for determining your allowable annual HSA contribution and whether you have a qualified medical expense eligible for reimbursement with non taxable HSA distributions.
WHO CAN CONTRIBUTE TO MY HSA? If you meet the eligibility requirements for an HSA, you, your employer, your family members and any other person (including non-individuals) may contribute to your HSA. This is true whether you are self-employed or unemployed.
HOW MUCH CAN I CONTRIBUTE TO MY HSA?
A "catch-up" contribution is available for eligible individuals who are age 55 or older by the end of their taxable year and have not enrolled in Medicare. The chart that follows shows the contribution limits.
CONTRIBUTION LIMITS
Tax
Year
Standard Limit
Self Only Family Only
Additional Catch-up Contribution Amount
2009
$3,000
$5,950
$1,000
2010
$3,050
$6,150
$1,000
2011 and Later
Subject to COLA's*
Subject to COLA's*
$1,000
*Cost-of-Living Adjustments
HOW DO I CLAIM THE FEDERAL TAX DEDUCTION FOR MY HSA CONTRIBUTION? Contributions to an HSA are fully deductible, the earnings grow tax deferred, and distributions to pay or reimburse qualified medical expenses are tax free.
You may deduct contributions made by anyone other that your employer as long as they do not exceed the maximum annual contribution amount. Employer contributions are not wages for federal income tax purposes.
WHEN IS THE CONTRIBUTION DEADLINE FOR FUNDING AN HSA? The deadline for regular and catch-up HSA contributions is your federal income tax return due date, excluding extensions, for that taxable year. The due date for most taxpayers is April 15.
HSA LOANS What is the purpose of an HSA Loan?
The purpose of the HSA Loan is so you can fund your HSA when you need it most. You may fund it to the maximum contribution amount of $3,000 for a self-only plan, and pay it off in the following 12 months or whatever lesser amount you need.
What kind of interest rate can I expect?
The interest rate is the same as a 12 Month Unsecured Loan. See Rates
What would my payment be?
If you borrow $1,200 for 12 months at 6.5% APR, your payment would be $103.56 monthly or $23.85 weekly.
*Rates subject to change without notice.
For more information please speak to a loan representative at 407-831-8844 or to get started now.
home equity - as low as 7.0%
heloc - 1% over Prime
