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Health Savings Accounts

Is a tax-advantaged medical savings account available to taxpayers who are enrolled in a high deductible health plan (HDHP).  HSA’s are owned by the individual and the funds contributed are used to pay for qualified medical expenses at any time.  Commercial Bank can offer you and your employees FREE HSA’s as a “Thank You” for your business.  For more details, contact one of our experienced Personal Bankers today.

  • Tax-free withdrawals if used to pay for qualified medical expenses
  • Employee can choose between individual coverage for them or family coverage for them, their spouse, and dependents.
  • Must be enrolled in an HDHP – see below for qualifying Deductible and Out-Of-Pocket Expenses
  • Tax-deductible contributions can be made by the employer or employee up to the annual limits below
  • Pay for qualified medical expenses at time of purchase with your HSA Debit Card
  • Unused funds remain in the HSA each year and earn a competitive interest rate

Minimum Annual Deductible

Tax Year Self-Only Coverage Family Coverage
2014 $1,250 $2,500
2015 and later $1,300* $2,600*

* Subject to annual cost-of-living adjustments.

 

Maximum Out-of-Pocket Expenses

Tax Year Self-Only Coverage Family Coverage
2014 $6,250 $12,500
2015 and later $6,450* $12,900*

* Subject to annual cost-of-living adjustments.

 

HSA Contribution Limits

Tax Year Self -Only Contribution Limit Family Contribution Limit
2014 $3,250 $6,450
2015 and later $3,300* $6,550*

* Subject to annual cost-of-living adjustments.