Health Savings Account
When it comes to saving for medical expenses, we have you covered. We offer Health Savings Accounts for individuals and employers. When you open your Health Savings Account (HSA) at Commerce Bank of Wyoming, you receive expert consultation on all aspects of eligibility and enrollment.
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 |
| 2022 |
$3,650 |
$4,650 |
$7,300 |
$8,300 |
| 2023 |
$3,850 |
$4,850 |
$7,750 |
$8,750 |
What is a Health Savings Account?
An HSA is an account owned by an individual to pay for future qualified medical expenses. If you have a high deductible health insurance plan, you could qualify to an HSA.
How does an HSA work?
HSAs are similar to Traditional IRAs, except the money is used to pay for qualified health care costs. Contributions can be tax-deductible and distributions are tax-free when used for qualified medical expenses. Interest earned is tax-deferred and unused balances rollover from year to year.
Who can qualify?
Anyone with a high deductible health insurance plan is eligible for an 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!