As the healthcare landscape continues to change, Health Savings Accounts (HSAs) have become an important and alternative way for your employees to save toward future health care expenses on a tax-exempt basis. The GRB Health Savings Account is an interest-bearing deposit account used in conjunction with a High Deductible Health Plan (HDHP). Contact GRB for more information or download our Health Savings Account Overview document for information about current HSA savings limits and other important considerations.
| Features | Tax Year 2017 | Tax Year 2018 |
|---|---|---|
HSA Annual Contribution Limits |
Individual coverage - $3,400 Family coverage - $6,750 |
Individual coverage - $3,450 Family coverage - $6,900 |
HSA Catch-up Contributions |
$1,000 for an accountholder age 55 or older | $1,000 for an accountholder age 55 or older |
Minimum Deductible |
Individual coverage - $1,300 Family coverage - $2,600 |
Individual coverage - $1,350 Family coverage - $2,700 |
Maximum Out-of-pocket Expenses |
Individual coverage - $6,550 Family coverage - $13,100 |
Individual coverage - $6,650 Family coverage - $13,300 |
|
All tax references are at the federal level. State taxes may vary. Consult a tax advisor with questions. Contact your insurance provider if you have questions as to whether your health coverae is HSA-qualified. Other HSA elegibility criteria may apply. Your personal contribution limit may be lower than the Internal Code maximums. Individuals are responsible for monitoring their contribution limits. Please consult your tax advisor with questions about how the limits may apply to your situation. | ||
For Individuals
- Pay for current medical expenses and save for future qualified medical and retiree health benefits, tax-free
- Easy payment of medical expenses via a HSA debit MasterCard, online banking, or check
- Qualified expenses include common doctor’s services, prescription drugs, vision and dental care, and hospital services
- Contact us for more information
For Employers
- Provides a lower cost health insurance option for employees
- Employer contributions are not reported as employee income, and payroll deductions are made pre-tax, so you don’t pay FICA on these amounts
- Contact us for more information
- Rates
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