Lake Elmo Bank

health savings account
A Health Savings Account (HSA) allows you to pay for current health expenses and save for future qualified medical expenses and retiree health expenses on a tax-free basis. In order to establish an HSA, you must have a qualified High Deductible Health Plan (HDHP). The IRS determines the guidelines for qualified HDHPs. The current guidelines are:

account eligibility
You are eligible for an HSA if you:

• Are covered under an HDHP
• Are not covered by any other health plan that is not an HDHP
• Are not enrolled for benefits under Medicare
• Are not eligible to be claimed as a dependent on another person’s tax return


benefits and features
 

• Contributions are excluded from your federal taxable income
• Earnings on the account grow tax-free
• Withdrawals are tax-free when used for qualified medical expenses
• Unused funds remain in the account for future use 

Lake Elmo Bank health savings account features

No opening deposit requirement
• Tiered interest rates*
• Free HSA debit card
• Free internet banking access
• Account set-up fee of $25.00
• Monthly account statements
• Checks available upon request
• Minimum balance of $250*
• Below balance monthly charge of $3.00*
*Please refer to our Rate Chart for current interest rates.

using your health savings account
You can use the money in the account to pay for any “qualified medical expense” permitted under federal tax law. This includes most medical care and services, dental care, vision care and prescriptions. You can use the money in the account to pay for medical expenses for yourself, your spouse or your dependent children even if they are not covered by your HDHP.
Interest compounded monthly.
* Minimum balance and below balance monthly charge of $3.00 are waived for the first year.


 
Qualified HDHP Requirements 
2015

Single Plan

Family Plan

Annual Deductible

$1,300 or more

$2,600 or more

Maximum Out-of-Pocket

$6,450

$12,900

2014

Single Plan

Family Plan

Annual Deductible

$1,250 or more

$2,500 or more

Maximum Out-of-Pocket

$6,350

$12,700

 

HSA Contribution Limits  

2015

2014

Single Plan

$3,350

$3,300

Family Plan

$6,650

$6,550

 

 

 

 

 

 

 

 

catch-up contributions
If you are at least age 55 by the end of the calendar year and not covered by Medicare, you may also contribute an additional amount known as a “catch-up” contribution.

Catch-Up Contributions  
Taxable Year Maximum Catch-up
2014 - 2015 $1000

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