GULF STATES' HSA

• No Set-up Charges
• No Monthly Fees
• No Per Transaction Fees
• Free Debit Card
• Checks are available
• Interest Bearing Account

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:

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
2008	$5,500	$11,000
2009 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?
Beginning in 2007, the maximum annual contribution amount is the standard limit.

Additionally, 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
2008	$2,850	$5,650	$800
2009 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.