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Health Savings
HSAs can help you save money on your healthcare costs and save money for the future.

Health Savings
Health Savings Accounts NOW Account & Debit Card (HSA)
An HSA is a tax-exempt NOW account with debit card* used in conjunction with a high deductible health insurance plan to make healthcare more affordable. TAB Bank’s HSA offers you convenient access with a NOW Checking account. This means you can write checks or use your debit card for all qualifying expenses. HSAs can help you save money on your healthcare costs and save money for the future.

Pre-tax money deposited each year into an HSA can be easily withdrawn at any time with no penalty or taxes to pay for qualified medical expenses.

Any HSA funds not used each year remain in the account and earn interest tax-free to supplement medical expenses in the future.

Like an Individual Retirement Account (IRA), the account belongs to you, not your employer. But unlike an IRA, your employer can contribute to your HSA.

In order to have a Health Savings Account, you must first get an HSA-eligible health insurance plan. This type of insurance plan is often referred to as a High Deductible Health Plan (HDHP), and is typically less expensive than plans with lower deductibles.
A health insurance plan must meet the following criteria to be considered HSA-eligible:

For 2015 and 2016, the health insurance plan must have an annual deductible of at least $1,300 for individuals and at least $2,600 for families.

For 2015, the sum of the annual deductible and the other annual out-of-pocket expenses required to be paid under the plan (other than premiums) does not exceed $6,450 for individuals and $12,900 for families. For 2016, the sum of the annual deductible and the other annual out-of-pocket expenses required to be paid under the plan (other than premiums) does not exceed $6,550 for individuals and $13,100 for families.

Regular Contributions
The full maximum contribution is not tied to the deductible as long as it is an HDHP
Tax Year
HDHP Coverage
Standard Limit
Catch-up Amount (Age 55+)
Total Contribution Limit for Ages 55+
2015
Self Only
$3,350
$1,000
$4,350
Family
$6,650
$7,650
2016
Self Only
$3,350
$1,000
$4,350
Family
$6,750
$7,750
Contribution Deadline: Income tax return filing due date, not including extensions.
High Deductible Health Plan Requirement
Tax Year
HDHP Coverage
Minimum Deductible
Out-of-Pocket Expense Limit
2015
Self Only
$1,300
$6,450
Family
$2,600
$12,900
2016
Self Only
$1,300
$6,550
Family
$2,600
$13,100
Minimum Balance
To Earn Interest
Interest Rate
Annual Percentage Yield (APY)
$1.00
0.25%
0.25%
Rates are current as of Sep 29, 2016.
*The minimum deposit to open a Health Savings Account is $25.00. The minimum balance required to earn the disclosed APY is $1.00. Calculations of the APY assume the interest is credited to the account monthly. The interest rate and APY may change after the account is opened for all interest bearing accounts except CDs. Fees could reduce earnings on accounts. Refer to the appropriate Fee Schedule and All About Your Health Savings Account.
TO LEARN MORE, CALL 800.837.4214