Health Savings Accounts

Minimum deposit to open account:  $25.00

To be eligible you must:

• Have a High Deductible Health Plan (HDHP)
• Have no other health insurance coverage
• Cannot be enrolled in Medicare
• Cannot be claimed as a dependent on tax return

2007 Contribution Limits:

• Single Coverage     $2850.00
• Family Coverage    $5650.00
• Catch up contribution (55 and older)  $800.00

*Bank is only responsible for making sure no one deposits more than $6450.00

Withdrawals:

• Tax free for qualified medical expenses.  
• Non qualified withdrawals are subject to tax and a 10% penalty. 
• Over age 65 can take with no penalty.
• IRS Publication 502 lists qualified expenses.

*Bank is not responsible for checking if withdrawals are qualified.  Customers must have their receipts when they file their taxes.

Rates are effective 5/15/2013 to 5/22/2013.

*Important Note - This information is not intended to provide specific advice or recommendations for any individual.  We recommend that you consult your attorney and tax or financial advisor with regards to your personal situation.