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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 to Qualify
Tax Year Self-Only Coverage Family Coverage
2015 $1,300 $2,600
2016 $1,300 $2,600

 

Maximum Out-Of-Pocket Expenses to Qualify
Tax Year Self-Only Coverage Family Coverage
2015 $6,450 $12,900
2016 $6,550 $13,100

 

HSA Contribution Limits
Tax Year Self -Only Contribution Limit Family Contribution Limit Catch-Up Contribution Limit
2015 $3,350 $6,650 $1,000 per individual age 55 or older
2016 $3,350 $6,750 $1,000 per individual age 55 or older