A Healthy Way to Save
Do your healthcare premiums seem to increase year-after-year? You may want to consider the potential benefits of a high-deductible health plan (HDHP). Monthly insurance premiums for a HDHP are usually cheaper than those associated with a traditional healthcare plan. However, in order to receive the lower monthly premium, you must also be willing to accept higher deductibles and out-of-pocket maximums*.
For those covered by a HDHP, we think you should consider opening a Health Savings Account with us. By law, this special savings account is only available to HDHP policyholders, and each contribution to the account is tax-deductible. See 2015 contribution limits below. Funds may be withdrawn from the account at any time to pay for qualified medical expenses, and we provide checks and a debit card to make payments easy for you. Plus, with a Health Savings Account, any unused funds will remain in the account and may be used in future years for qualified medical expenses!
HDHP Plan Definition
$1,300 minimum deductible
$6,450 maximum out-of-pocket limit
$2,600 minimum deductible
$12,900 maximum out-of-pocket limit
Annual Contribution Limit
$3,350 - single plan
$6,650 - family plan
Holders 55+ may also contribute an additional $1,000
These parameters are adjusted annually by the IRS.
*For additional information on HSA plans and taxes, visit www.ustreas.gov or consult a tax advisor. See your local Hometown Banker for rules applicable to HSA accounts.