Personal Banking - Checking
Health Savings Accounts (HSAs)
Health Savings Accounts are designed to help individuals covered by a high-deductible health plan save for future qualified medical expenses on a tax-free basis. Contributions made to an HSA are tax deductible. Account earnings and withdrawals that are used to pay qualified medical expenses are not taxed. Unlike cafeteria plans, monies put into an HSA can accumulate from year to year.
- Must have insurance coverage under a qualified high-deductible health plan (HDHP) that is HSA compatible (If the policy has co-pays, it is not an HDHP.)
- Have no other first-dollar medical coverage (supplemental insurance is permitted)
- Cannot be enrolled in Medicare
- Cannot be claimed as a dependent on someone else's tax return
- $3,300 for 2014/$3,350 for 2015 if you have Self-only coverage
- $6,550 for 2014/$6,650 for 2015 if you have Family coverage
- NOTE: An individual may contribute the maximum amount regardless of the month they become eligible. (They must stay in the plan 12 months following the last month of the year of the first year of eligibility.)
- Individuals age 55 and older can also make a catch-up contribution of $1000
- In order to contribute the catch-up contribution an individual must have their own HSA (a spouse may not put their catch-up contribution in an HSA titled in their spouse's name)
Qualified Medical Expenses
- An individual can use the money in the account to pay for any qualified medical expense permitted under federal law (See IRS Publication 502)
- Medical care and services
- Dental and vision care
- Over-the-counter medications - are only covered with a doctor's perscription
- NOTE: The money in the account can be used to pay for medical expenses for the account holder, their spouse or dependent children. The account holder can pay for expenses of their spouse and dependents even if they are not covered under the HDHP.
Lake City Bank’s HSA Checking Account
- No minimum to open
- No monthly maintenance fee
- Interest - monthly compounding and paid on the following collected balance tiers:
- $1 - $999
- $1,000 - $4,999
- $5,000 - $14,999
- $15,000 - $49,999
- Paper Statement fee - $6.00 if not delivered electronically
- Up to 2 free debit cards per account
- Checks may be ordered in increments of 50 for an additional charge
If you are ready to open a Lake City Bank Health Savings Account, please select one of the links below to apply.
Limitations and restrictions apply.