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| What It Is | A special savings allowing you to save money to pay for qualified medical expenses for yourself and your dependants | |
| What It Does | Allows you to earn tax-free dividends while they are saving up money for medical-related costs | |
| Who Is Eligible | Anyone who:
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| Opening Deposit | $0.00 | |
| Minimum Balance to Earn Interest (APY) |
$.01 | |
| Annual Service Fee | $10.00 Automatically w/d from the HSA on the yearly anniversary date of opening the account |
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| Dividends Paid | YES Monthly |
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| Tiered Rate |
YES $0.00 – $2,499.99 $2,500.00 – $9,999.99 $10,000.00 – $24,999.99 $25,000.00 – $49,999.99 $50,000.00 + |
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| How often can APY change? | Monthly | |
| Dormant Fee | NO | |
| Balance Method | Daily – meaning dividends are calculated by applying a rate to the balance in the account each day. | |
| Debit Card Allowed |
YES
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| Closing Fee | $50.00
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| Contribution Limits | YES (see tables below)
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| Limit on Withdrawals or Transfers |
NO If w/d is for qualified medical expenses as defined below: Doctor visits, Dentist visits, Prescriptions, Transportation to receive medical or dental care, Healthcare coverage if you are receiving federal or state unemployment compensation, Long-term Care Insurance, etc. Any funds not used for medical expenses are subject to taxation and a 20% penalty. |
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| Withdrawal Fee | $2.00 Charge ONLY if funds are w/d in a credit union check below $3,000.00 |
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| Special Characteristics |
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CONTRIBUTION LIMITS
| Tax Year | |||
| 2011 | 2012 | ||
| Single Coverage HDHP | Minimum Deductible | $1,200 | $1,200 |
| Minimum Out-of-Pocket | $5,950 | $6,050 | |
| Family Coverage | Minimum Deductible | $2,400 | $2,400 |
| Minimum Out-of-Pocket | $11,900 | $12,100 | |
| Single Coverage Contribution Annual Limit | $3,050 | $3,100 | |
| Family Coverage Contribution Annual Limit | $6,150 | $6,250 | |
| Over 55 Catch-Up Contributions | $1,000 | $1,000 | |
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