photoHealth Savings Account (HSA)

With a Health Savings Account, YOU have complete control of your funds. YOU decide how much and when to make deposits to and withdrawals from your HSA. Call or stop by one of our offices today and start saving with contributions to an HSA that are tax-deferred and earn interest tax deferred.


  • $50.00 minimum to open account
  • $25.00 one-time set-up fee
  • Monthly interest earned on a tiered rate
  • NO minimum balance required
  • NO monthly maintenance fee

PLUS ALWAYS FREE

*Pending credit approval.


BENEFITS

  • Reduced Insurance Premiums
  • Tax Savings
  • Interest Earning & Long Term Savings
  • Ownership
  • Transportable & Accessible

ELIGIBILITY

  • Enrolled in a HSA-qualified High Deductible Health Insurance Policy
  • Not covered by any other health plan that is not a HDHP
  • Not claimed as a dependent on another person's tax return
  • Not enrolled in Medicare

HSA LINKS


HSA CONTRIBUTION LIMITS

 

2018

2019

Change

HSA Contribution Limit*(employer + employee)

Self-only: $3,450
Family: $6,900

Self-only: $3,500
Family: $7,000

Self-only: +$50
Family: +$100

HSA Catch-Up Contributions**
(age 55 or older)

$1,000

$1,000

No Change

HDHP Minimum Deductibles

Self-only: $1,350
Family: $2,700

Self-only: $1,350
Family: $2,700

Self-only: No Change
Family: No Change

HDHP Max Out-of-Pocket(deductibles, co-payments and other amounts, but not premiums)

Self-only: $6,550
Family: $13,300

Self-only: $6,750
Family: $13,500

Self-only: +$100
Family: +$200

* Contributions can be made as late as April 15th of the following year.
** Catch-up contributions can be made any time during the year in which the HSA participant turns 55.
NOTE:  Resource Bank is not liable for any excess contributions. Please use this only as a reference. For in-depth regulations regarding HSAs, please consult a competent tax advisor.
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HSA Forms & Documents

HSA FORMS: Please print and complete the forms. Copies of official identification are required for the account holder and any additional authorized signer(s) on the account. Forms and identification can be mailed, faxed or dropped off to any of our locations. Please contact a Resource relationship banker to make additional arrangements for delivery or any other questions.

  1. HSA Application & Designation of Beneficiaries (One form for each employee.)
  2. HSA Debit Card Application
  3. HSA Custodial Agreement (One form for each employee.)
  4. HSA Transfer/Rollover Form
    NOTE: A transfer is a direct transfer of funds from an existing HSA from one financial institution to another. A Rollover occurs when you either have an MSA you would like to Rollover into an HSA or you were issued a check from a previous MSA or HSA and want to open a new HSA.
  5. IRA to HSA Transfer Form

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Healthcare Reform and Health Savings:

Resource Bank and its employees are here to help our customers understand the potential benefits and requirements of a Health Savings Account. While we do our best to inform you of the facts, we are not to be held responsible for your decisions of how HSA funds are used or if you are qualified to open an account.
On March 23, 2010, President Obama signed into law far-reaching healthcare financing legislation. Here are two changes that became effective January 1, 2011:

  • Qualified Medical Expenses: Starting January 1, 2011 you will no longer be able to pay for over-the-counter medications from your HSA as a qualified medical expense. Until the end of this year, you can reimburse yourself or pay from your HSA the money used to buy over-the-counter medications. The new law removes over-the-counter drugs not prescribed by a physician from being paid from an HSA (Health Savings Account), FSA (Flexible Spending Account), or HRA (Health Reimbursement Account) on a tax-free basis.
  • Non-qualified expense penalty: Under the new law, if you use your HSA funds for non-qualified expenses, you will face a higher penalty. The tax penalty for non-qualified HSA distributions will increase effective January 1, 2011, from 10% to 20%.

For in-depth regulations regarding HSAs, please consult a competent tax advisor.

 

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