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Health Savings Account

Health Savings Accounts, also called an HSA, is a tax-exempt or custodial account used to pay qualified medical expenses.  These accounts are designed to allow eligible individuals a tax-deductible method of saving money for the payment of unreimbursed qualified medical expenses.  In addition to tax deductible contributions, interest earnings and distributions are tax-exempt too.  Be sure to consult a tax professional for further information or visit www.irs.gov and type "HSA" in the search box for further information.   

Individuals must meet certain IRS eligibility requirements in order for these accounts to be tax-exempt.  These requirements are summarized below:

  • Your current health care plan is identified as a high-deductible health plan (HDHP); AND
  • You are not currently covered under any other health plans; AND (certain exceptions may apply - see IRS guidelines for further information)
  • You are not enrolled in Medicare; AND
  • You are not claimed as a dependent on another individual's tax return

You, your family members, or your employer can make contributions into your HSA up to the IRS annual limit.  These limits change each year so consult your tax professional or www.IRS.gov for further information.

As an employer, if your health care plan is identified as a high-deductible health plan (HDHP), you might consider providing an HSA contribution benefit to your employees.  Quail Creek Bank can help by setting up HSAs for your employees, which you, or your employees, can make contributions to up to the annual IRS maximum.  Contact Erin Batey at Quail Creek Bank for further information!

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