Who can have HSA Checking?
Any adult may contribute to HSA Checking if they:
- Have coverage under an HSA-qualified high-deductible health plan (HDHP)
- Have no other first-dollar medical coverage (Other types of insurance such as specific injury insurance and accident, disability, dental care, vision care and long-term care insurance are permitted.)
- Are not enrolled in Medicare
- Cannot be claimed as a dependent on someone else's tax return
Is HSA Checking right for you?
The idea behind HSAs is that consumers will make better health care choices by spending their own money than they might with traditional insurance plans. To know if HSA Checking is right for you, decide if your deductible, combined with your minimum out-of-pocket requirement, results in a good value.
HSAs work well for people who are generally healthy and seldom need a doctor. The account is ideal for preventive health care expenses such as orthodontia, mammograms, eye exams and glasses, dental fees, etc. You can also save money because HSAs may provide a tax benefit.*
How much should I contribute?
The contribution limit in the first year is not reduced due to partial-year eligibility. A testing period to determine eligibility applies, beginning with the last month of the contribution year and ending on the last day of the twelfth month following. For more details regarding the testing period, consult your current health insurance provider. Contributions can be made until April 15 of the following year.
With the rising cost of health care, saving now through a HSA Checking may be the right move for you.
To open a HSA Checking account, visit a branch or call (800) 877-8328.
*For specific information, please consult your tax advisor.