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
2018 $1,350 $2,700
2019 and later $1,350* $2,700*

 

Maximum Out-Of-Pocket Expenses to Qualify
Tax Year Self-Only Coverage Family Coverage
2018 $6,650 $13,300
2019 and later $6,650* $13,300*

 

HSA Contribution Limits
Tax Year Self -Only Contribution Limit                    Family Contribution Limit Catch-Up Contribution Limit
2018 $3,450 $6,900 $1,000 per individual age 55 or older
2019 and later $3,450* $6,900* $1,000 per individual age 55 or older

*Subject to annual cost-of-living adjustments