Higher limits on
Health Savings Accounts
The contribution limits on Health Savings Accounts have increased for 2012. The contribution limit is now $3,100 for a single plan and $6,250 for a family plan. These increases allow you to set aside more of your income in an account dedicated for future medical expenses.
TCU Health Savings Account Checking (HSA Checking) is designed for qualified members who are generally healthy and seldom need a doctor. The account is ideal for preventive health care expenses such as orthodontia, mammograms, eye exams and glasses, dental fees, etc. You can also save money because HSAs may provide a tax benefit (please consult your tax advisor for more information).
Deductible contributions to HSA Checking are never taxed as long as they are used for medical expenses. The account balance rolls over from year to year, allowing it to grow for future medical expenses. You can access the funds with a specific debit card at the time a medical expense is incurred.
Any adult may contribute to HSA Checking if they:
- Have coverage under an HSA-qualified high-deductible health plan (HDHP)
- Have no other first-dollar medical coverage
(Other types of insurance such as specific injury insurance and accident,
disability, dental care, vision care and long-term care insurance are permitted.)
- Are not enrolled in Medicare
- Cannot be claimed as a dependent on someone else's tax return.
(See your tax consultant for advice).
With the rising cost of health care, a HSA Checking may make a difference for you and your family's future medical care. For more details about a health savings account, visit a branch or call (707) 449-4000 or (800) 877-8328.