If you participate in a High Deductible Health Plan, you qualify to open a Health Savings Account (HSA), which allows you to save for your health care deductibles or future medical expenses.
CUB’s HSA features:
• Earns Interest
• Individually owned & controlled
• Online Banking with Bill Pay1- Bank anytime from your computer or phone
• Mobile Banking1- 24/7 banking for busy lifestyles
• eStatements – The fast and safe way to get your bank statements2
• HSA Debit Card3
• CUB Phone – Bank by Phone 24 hours a day
2015 HSA Contribution Limits, Deductibles, and Out-of-Pocket Expenses
2015 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.
For more detailed information on HSA plans and taxes, visit the U.S. Department of Treasury website at www.ustreas.gov or talk with your tax advisor.
1 Internet provider and mobile carrier fees may apply.
2 Mailed paper statements available for only $2.50 per month – waived if average monthly balance is greater than $2,500 or upon request for account owners over 65 years of age.
3 HSA Debit Card included with account, and has a replacement fee of $7.
$1.00 daily minimum balance required to obtain Annual Percentage Yield. If daily balance falls below $1,000 any day of the month there is a $3.00 minimum balance monthly fee. Ask us for details. Account disclosures that include current rates, terms, and fees (if any) are available at any Citizens Union Bank location.