Health Savings Accounts
High-deductible health insurance plans provide affordable coverage with many flexible benefit options. When matched with a Health Savings Account (HSA), the two provide powerful protection.
OlyFed makes it easy for you to make regular contributions to your HSA so that you are prepared when healthcare-related expenses come your way. We recently sat down with OlyFed’s Health Savings Professional to get the down-low on how medical expenses are made easier with a Health Savings Account. They shared answers to frequently asked questions about HSAs and how they can be the key to keeping your wallet and family healthy with a high-deductible health plan.
Many Great Features & Benefits
|Account Information||Health Savings Account|
|Minimum Balance to Open|
|Minimum Balance to Open||$1|
|Monthly Service Fee|
|Monthly Service Fee||$0|
|HSA Visa Debit Card|
|HSA Visa Debit Card||Free|
|Confidential Document Shredding|
|Confidential Document Shredding||Free|
HSAs Benefit Everyone
Below you will find even more answers to many frequently asked HSA questions:
What makes OlyFed’s HSAs special?
When you open an HSA with OlyFed there is no monthly service fee, no minimum balance, free digital services (online and mobile banking), free checks, and a free HSA dedicated debit card all to help you better manage your account. Even better your account comes with the care, expertise and support of a personal banker who can help you get started with just a dollar.
How much can I contribute to my HSA each year?
This Year (Jan. 1-Dec. 31, 2023): Individuals with a high deductible health plan (deductibles no less than $1,500) can contribute up to $3,850 (up $200 from 2022) . An individual with family coverage under a qualifying high-deductible health plan (deductible no less than $3,000) can contribute up to $7,750 (up $450 from 2022).
Next Year (Jan. 1-Dec. 31, 2024): Individuals with a high deductible health plan (deductibles no less than $1,600) can contribute up to $4,150 (up $300 from 2023). An individual with family coverage under a qualifying high-deductible health plan (deductible no less than $3,200) can contribute up to $8,300 (up $550 from 2023).
Catch-Up Provision: Don’t forget, if you are age 55 or older, you can contribute an additional catch-up contribution of $1,000 per year.
How can I use the funds in my HSA?
Funds from your HSA account can be used for qualified medical expenses like medical procedures, hospital bills, prescription drugs, vision care, and dental treatments for yourself, spouse/partner and dependents.
It’s important to remember that what’s considered a qualified medical expense is always subject to change by the IRS so if you’re on the fence about an expense, make sure to check with them for the most up-to-date list.
What are the tax-benefits of an HSA?
HSAs are one of the most tax-efficient savings vehicles around. You can contribute pre-tax dollars, pay no taxes on your interest earnings and withdrawals for qualified medical expenses are tax-free whether they occur now or in retirement. Be sure to consult your tax-advisor for more details.
Keeping Your Wallet & Family Healthy
Our team of bankers are locals like you and we have the expertise and knowledge to help you and your family create a healthy financial future. One of our core values is a commitment to life-long learning, which is why we invest in financial education for both our customers and the community. In fact, we have a dedicated Health Savings Professional, Angelina Contreras-Duran, who is here to answer your HSA questions and get your account set up to meet your needs.