Health Savings Accounts (HSA)
A tax-deductible HSA provides an excellent way to save for qualified medical expenses. A high deductible health plan is required to start an HSA.
Home Federal has been committed to HSAs since day one and our passionate expertise has led to one of the best HSA products in the country. From the grassroots level, Home Federal knows HSAs are a great way to both pay for health care and save money—all while enjoying excellent tax benefits.
- Summary
- Customizable Home Federal HSA options
- No initial setup fee
- Contributions are tax deductible
- Interest grows tax-free
- Withdrawals are tax-free when used for qualified medical expenses
- No minimum balance to open
- Money invested carries over year to year
- Eligibility
- Must be covered under a qualified, high deductible health plan
- Must not have coverage by another type of health plan
- Cannot be claimed as a dependent on another person's tax return
- Cannot be enrolled in Medicare
Contribution Limit is Determined By:
- Whether you have individual or family coverage
- Statutory annual limit set by the federal government
- If a person is age 55 or older, they are eligible to make "catch-up" contributions
