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Health Savings Account. Are you Eligible for an HSA?

Do you need to open a new Health Savings Account (HSA)? Have questions?  We can help!

Ask a Personal Banker about the benefits of a Baylake Bank HSA today.
HSA HomeQualificationsBenefitsHSA Guide


Who is eligible to establish an HSA?  You may qualify if you...

1. are covered by an HSA compatible High Deductible Health Plan (HDHP)?
2. are not enrolled in and receiving Medicare benefits
3. are not claimed as a dependent on another person’s tax return
4. are not covered by any other type of health insurance plan (including coverage under a spouse’s plan) - does not apply to dental, vision, disability or long term care

Health Savings Account Contribution Limits

IRS Requirements for 2009. Single Plan: Minimum Deductible $1,150. Maximum Out-of-Pocket $5,800. Contribution Limit $3,000. Catch-Up Contribution (55 or older)* $1000. Family Plan: Minimum Deductible $2,300. Maximum Out-of-Pocket $11,600. Contribution Limit $5,950. Catch-Up Contribution (55 or older)* $1000.

IRS Requirements for 2010. Single Plan: Minimum Deductible $1,200. Maximum Out-of-Pocket $5,950. Contribution Limit $3,050. Catch-Up Contribution (55 or older)* $1000. Family Plan: Minimum Deductible $2,400. Maximum Out-of-Pocket $11,900. Contribution Limit $6,150. Catch-Up Contribution (55 or older)* $1000.

*If a spouse is also 55 or older, a second HSA must be established and a second contribution of $1000 could be made to that account.  Consult your tax advisor.
 
Mary BorleeAre you a business owner who offers a high-deductible health care plan to your employees? Let Baylake Bank help! We provide turn-key employee educational programs about Health Savings Accounts as well as offer on-site account Health Savings Account opening at your place of business.

Contact Mary Borlee today for more information at 920-431-3687 or toll-free at 1-800-580-4440.
 

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Baylake Bank | P.O. Box 9  Sturgeon Bay, WI 54235 | (920) 743-5551 or (800) 267-3610
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Helpful links for more information

bullet Department of the Treasury's HSA Basics for 2009

bullet United States Department of the Treasury:  Health Savings Accounts (HSAs)

bullet Wisconsin Department of Revenue: Health Savings Accounts

For qualified medical expenses:
 bullet HSA for America - HSA Qualified Expenses

 bullet Internal Revenue Service

LEAVING THIS SITE NOTICE:  The above websites are not managed by Baylake Bank.  We do not warrant or guarantee that the information on the external website you are about to visit will be accurate or up to date or subject to our privacy policy.  If you feel the website you are about to visit contains inappropriate content or if it is no longer available, please contact Baylake Bank.