HSA

Health Savings Account

This account is designed to cover your medical expenses incurred by the Health Savings Account owner.

  • No minimum daily balance required
  • First checks free
  • Debit MasterCard® complimentary
  • No monthly service charge
  • No per check or transaction changes
  • Earn a tiered market rate of interest

*Additional Disclosures provided on all GWB accounts at account opening.

*Opening deposit is $100.00.

What is a Health Savings Account?

Health Savings Accounts (HSAs) are individual tax exempt accounts established for the purpose of paying or reimbursing yourself for qualified medical expenses for you, your spouse and your dependents.

Am I eligible for a HSA?

You must:

  • Be covered by a qualified high deductible health insurance plan
  • Not be covered under other health insurance
  • Not be enrolled in Medicare
  • Not be another person's dependent

What are qualified medical expenses?

Qualified medical expenses help pay for healthcare services, equipment, or medications.  These expenses can include:

  • Dental Care Services
  • Vision Care Services
  • Prescription Services
  • Expenses applied to your health plan deductible
  • Certain medical equipment

What are the tax advantages of a HSA?

  1. Cash contributions to a HSA are 100% deductible from your federal gross income (within legal limits)
  2. Interest on savings accumulates tax deferred
  3. Withdrawals from a HSA for "qualified medical expenses" are free from federal income tax

When can I start using the funds in my HSA?

Once your account is open, a deposit has been made to your account and funds are available, you can start using your HSA.  You are 100% vested as soon as the funds are deposited and you have total control over the funds.

Who can contribute to my HSA?

If you meet the eligibility requirements for an HSA, you, your employer, your family members, and any other person (including non-individuals) may contribute to your HSA.  This is true whether you are self-employed or unemployed.

What happens to my HSA when I die?

Your HSA will be treated as your surviving spouse's HSA, but only if your spouse is named the beneficiary.  If there is no surviving spouse or your spouse is not the beneficiary, then the savings account will cease to be a HSA and will be included in the federal gross income of your estate or named beneficiary.

2017 HSA Contribution Limits
 

Minimum

Deductible

Maximum

Out-of-Pocket

Contribution

Limit

55+

Contribution

Single $1,300 $6,650 $3,400 $1,000
Family $2,600 $13,100 $6,750 $1,000