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In observance of Thanksgiving, all branches & our customer service center will be closed on Thursday 11/26/20. We will resume normal business hours on Friday 11/27/20. 

Are Those Pesky Out-of-Pocket Health Costs Eating a Hole in Your Pocket? A Health Savings Account Can Help.

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Your Health is important. A Health Savings Account helps you designate tax-free savings to pay for out-of-pocket costs and qualified medical expenses.1,2

Features of a HSA:

Must be covered by a high-deductible health plan.

  • 2020 single coverage: minimum deductible of at least $1,400 AND the maximum out-of-pocket expenses of $6,900.
  • 2020 family coverage: minimum deductible of at least $2,800 AND the maximum out-of-pocket expenses of $13,800.

Must not be covered by any other health plan that is not considered a high-deductible health plan.

Must not be entitled or enrolled for benefits under Medicare.

Must not be claimed as a dependent on another person's tax return.

HSA contributions are no longer limited by a health plan's deductible amount, resulting in higher contribution amounts for most HSA holders.

IRA holders may make a one-time "direct rollover" to an HSA (limited to the maximum annual contribution amount)

HSA holders are allowed to make a one-time transfer of assets from FSA or HRA plans to an HSA.

HSA holders with FSAs are now eligible to make HSA contributions during the grace period (first three months of the year) allowed for FSAs.

Contributions:

Self-only coverage: the maximum yearly contribution amount for 2020 is $3,550.

Family coverage: the maximum yearly contribution amount for 2020 is $7,100.

"Catch-up" contribution allowed for individuals age 55 and over is $1,000.

Same year contributions to your Health Savings plan can be made year round. Prior year contributions must be made by April 15.

Distributions:

Tax-free distributions if funds are used to pay for medical expenses.

Distributions for non-medical expenses are taxable and subject to a 20% penalty if withdrawn before age 65 (except in the cases of death or disability).

Contact a Columbia Bank Representative and begin saving for medical expenses with a health savings account today.

[1] See our schedule of fees for additional consumer account information. Early termination fee and contributions in excess of IRS limits subject to IRS penalties.

[2] Consult your tax advisor

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Investments are NOT FDIC Insured, not Bank guaranteed, not a deposit, and not insured by any federal government agency. Investments may lose value.

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