2015 Guide to Health Savings Accounts (HSAs)

Health savings account rules, guidelines and contribution limits can change from year to year. The following gives an overview of everything you need to know when planning to open and HSA or manage your current account in 2015.

A Health Savings Account or HSA is a medical savings account that is personally owned and managed by the individual. They are used in conjunction with High Deductible Health Insurance Plans. Contributions to the HSA account are not subject to taxation at the time of deposit. Funds in a Health Savings Account can be used to pay for all qualified medical expenses (QMEs) not covered by your High-Deductible Health Insurance Plan. Deposits to your 2015 HSA account can be made on a pre-tax basis through your employer. If you don't make the deposit through your employer, the contribution is post-tax, and you can use it to decrease gross taxable income on the following year's income tax form.

The IRS limits the amount you can put into each type of account every year. Any money you deposit above these limits is not tax-deductible. Contribution limits vary depending on whether you are setting up a single or family plan.

You can invest the money in an HSA like you'd invest funds in an individual retirement account (IRA). All investments into your HSA are sheltered from taxation. Unlike in an IRA, this money can remained tax-sheltered even after you withdraw it if it's used for qualified medical expenses.

2015 Contribution Limits for HSAs

Individual Contribution Limit	Family Contribution Limit	Additional Contribution (55 or older - Single or Family)
$3,350	$6,650	$1,000

Why choose the Bank of Cashton as the bank for your HSA?

• We have an experienced and knowledgeable staff ready to answer your health savings questions with a personal touch
• Our customers will always speak directly to a person regarding their account.
• Our bank offers competitive HSA interest rates as well as a fee structure with no hidden costs.
• We are an independent HSA Custodian so we can accommodate your health insurance carrier changes seamlessly.
• We offer the exclusive opportunity to invest in stocks and mutual funds with a direct link from the Bank of Cashton.
• Our health savings bank offers flexible administration of accounts for any size company.

Health Savings FAQ's

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