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Health Savings Account

When it comes to saving for medical expenses, we have you covered. If you have a high deductible health insurance plan, you might quality for a Health Savings Account (HSA). Open a HSA to start saving for qualified medical expenses, tax-free.*

At Commerce Bank of Wyoming, there is no minimum balance requirement - just competitive interest rates!

Features

Requirements

  • Low, one-time setup fee of $14 and $3/month service charge
  • $100 minimum opening deposit required

HSA CONTRIBUTION LIMITS

Year Self-Only Coverage If age 55 or older Family Coverage If age 55 or older
2017 $3,400 $4,400 $6,750 $7,750
2018 $3,450 $4,450 $6,900 $7,850

 

What is a Health Savings Account?

A HSA is money put in an account owned by an individual to pay for future qualified medical expenses.

How does a HSA work?

A HSA works like an IRA, except the money is used to pay for qualified health care costs. Money deposited to the account is tax deductible and is used to pay for current and future qualified medical expenses. Interest earned is tax deferred. Unused balances rollover from year to year.

Who can qualify?

Anyone with a high deductible health insurance plan is eligible for a HSA provided they are not covered by another health insurance plan, entitled to Medicare or can’t be claimed as a dependent on someone else's tax return.

*Health Savings Accounts are subject to eligibility requirements and restrictions on deposits and withdrawals to avoid IRA penalties. State taxes may apply. Consult a tax adviser with questions.

ready to see if you qualify?

Contact a Personal Banker and start saving today!

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