With an Holston Methodist FCU Health Savings Account, you can deposit funds to pay for current or future medical expenses. Funds used for qualified medical expenses, including dividends, are tax-free. Unused funds remain in the HSA year after year, earning tax-deferred dividends.
- Competitive Dividends.
- Easy access to funds via a free Visa HSA Debit Card or HSA Checks.
- No fees for account opening, maintenance or transactions.
Free 24/7 account access:
2016 HSA Contribution Limits, Deductibles, and Out-of-Pocket Expenses
2016 offers individuals and families additional opportunities to save for current and future health care with a Health Savings Account (HSA):
- HSA holders can choose to save up to $3,350 for an individual and $6,650 for a family (HSA holders 55 and older get to save an extra $1,000 which means $4,350 for an individual and $7,650 for a family) - and these contributions are 100% tax deductible from gross income.
- Minimum annual deductibles are $1,300 for self-only coverage or $2,600 for family coverage.
- Annual out-of-pocket expenses (deductibles, copayments, and other amounts, but not premiums) cannot exceed $6,450 for self-only coverage and $12,900 for family coverage.
|Single||$ 1,300||$ 6,450||$ 3,350||$ 1,000|
|Family||$ 2,600||$ 12,900||$ 6,650||$ 1,000|
For more detailed information on HSA plans and taxes, visit the U.S. Department of Treasury website at www.ustreas.gov or talk to your tax advisor.