Establish a Bath State Bank Health Savings Account (HSA) in conjunction with a high-deductible health plan and take control of your current and future healthcare dollars. HSAs provide an option for health insurance coverage. Once a High Deductible Health Insurance Plan (HDHP) is purchased by an individual, they become eligible to participate in this tax-sheltered savings account, from which amounts can be withdrawn to pay for medical expenses until the deductible is met and the insurance plan begins to pay.
- The Bath State Bank HSA is yours, not your employer’s. You control the account. If you switch jobs, no problem. Your HSA remains with you.
- You receive tax deductions when you contribute to your account, tax-free earnings and tax-free withdrawals for qualified medical expenses.
- There is no income restriction for contributions; however, there are limits on the maximum annual contribution amount.
Those HSA holders 55 and older get to save an extra $1,000 for their contribution (known as a catch-up.) The 2022 data is listed below:
- Maximum annual HSA contribution for an individual is $3,650
- Maximum annual HSA contribution for a family is $7,300
- Maximum annual out-of-pocket expense for an individual is $7,050
- Maximum annual out-of-pocket expense for a family is $14,100
- Minimum deductible for an individual HDHP is $1,400
- Minimum deductible for a family HDHP is $2,800
The best way for an individual to determine if he has an HDHP is by asking his/her health insurance company or, if in an employer's health insurance plan, asking his/her employer. As well, joining the program mid-year may affect maximum contribution limits.
Our HSAs operate just like a checking account. Deposits/contributions can be made at any time. Check out our interest rates for this HSA and see our HSA account information. The account can be accessed by check or debit card when paying medical expenses.
FOR 2023: Contribution limits are climbing
Those who are eligible to contribute to an HSA in 2023 will be able to set aside even more money than they're used to. Those with individual plans can contribute up to $3,650 in 2022, and they'll be able to set aside an extra $200 next year, bringing their annual contribution limit to $3,850. Family plan contribution limits will jump from $7,300 to $7,750 next year. Adults 55 and older can still tack an extra $1,000 onto these limits, bringing their maximum 2023 HSA contributions to $4,850 and $8,750, respectively.