What is a HSA?
A Health Savings Account is a tax-exempt account that is used exclusively for the payment of qualifying medical expenses.
Qualifying Medical Expenses1
- Chiropractic/Physical Therapy
- Dental & Optical
- Prescription Drugs
- Medical Equipment
- Nursing & Doctor Services
- Alcohol/Drug Treatment
- Prescribed Weight Loss
- Emergency Care
You are eligible for a HSA if the following conditions are met:
- You cannot be claimed as dependent on someone else's tax return.
- You may not be covered by any other health insurance.
- You must not be enrolled in Medicare.
- You must be covered by a qualifying High Deductible Health Plan.
- Annual Contribution Limits apply.
High Deductible Health Plan (HDHP) is a plan with a minimum deductible and a maximum out-of-pocket expense, both of which are shown below. Consult tax advisor/IRS for current year requirements.
|Description ||Min. Annual Deductible ||Max. Out-Of-Pocket Expense ||Regular HSA Contributions |
|Single-Only Coverage* ||$1,400 ||$7,000 ||$3,600 (Standard Limit) |
|Family Coverage* ||$2,800 ||$14,000 ||$7,200 (Standard Limit) |
If you are 55 or older you can make a catch up contribution of +$1,000 annually.
Northwest Bank's HSA Features
By establishing a HSA and having a High Deductible Health Plan, you are taking health care savings back into your own hands to help you make the decisions that are right for you!
- FREE Debit Card
- Use at the ATM, doctor's office, pharmacy, etc.
- FREE Checks (Set up as a checking account)
- With unlimited check writing.
- FREE Online & Mobile Banking with BillPay
- Check your account balance.
- Transfer funds between your accounts. (Transfers will affect your contribution and distribution reporting)
- Schedule and pay bills electronically.
- Portability - Wherever you go, the account follows.
- Tax Savings
- Eligible contributions made to the account are tax deductible.
- Interest Earned
- Tiered rate structure. Earn a higher rate as your balance grows.
- Long-Term Savings
- Your money doesn't expire after a length of time, which allows your account to grow year after year. Our HSA is a great way to save towards retirement.
- $3 Monthly Maintenance Fee waived when
- Balance of $10,000 or more or you hold any additional deposit or loan account with Northwest Bank
Did You Know?
Health care is the number one issue facing many individuals and families in the United States.
A Health Savings Account from Northwest Bank offers eligible individuals who participate in a High Deductible Health Plan an affordable alternative to the rising costs of healthcare.
Others can contribute within your HSA.
It's true. By meeting the eligibility requirements to successfully open your HSA, several contributors can become involved. Contributors within your HSA account can be you, members of your family, your employer, and many others.
Reimbursements and Purchase Returns are Non-reportable transactions.
Contact your local Northwest Bank if you have received a reimbursement check to ensure proper end of year reporting to the IRS.