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Health Savings Accounts

Open a Health Savings Account at First Fed!



A Health Savings Account (HSA) from First Fed provides a smart way to save for future health care needs and to take control of your health care.


Summary

A Health Savings Account (HSA) is an account set up for the exclusive purpose of paying qualified medical expenses for you and your family. Any eligible individual may establish
a HSA and make fully-deductible contributions and take tax-free distributions for qualified medical expenses.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Eligibility

Eligibility for a Health Savings Account (HSA)*

An eligible individual is someone who is:
  • covered under a qualified, high-deductible health plan
  • not covered by another health plan that is not a HDHP
  • not enrolled in Medicare
  • not eligible to be claimed as a dependent on another individual's federal income tax return
Contribution Limit is Determined By:
  • statutory annual limit set by the federal government
  • if a person is age 55 or older, they are eligible for a 'catch-up' contribution
  • whether you have individual or family coverage

*  NOTE: If you require assistance in determining your qualified contributions and medical expenses, please consult with your tax professional.

 

 

 

 

 

 

 

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