Health Savings Accounts
A health savings account (HSA) is a tax-advantaged medical savings account available to taxpayers in the U.S. who are enrolled in ahigh-deductible health plan (HDHP).Calculate whether a comprehensive plan or high-deductible plan with HSA is the best choice for you. Then, contact us for more details.
Health Savings FAQs
How do I qualify for an HSA?
In order to open an HSA, you must be covered by a High Deductible Health Plan (HDHP) — high deductible considered to be at least $1,300 annually for an individual and $2,600 or more annually for a family. You cannot be claimed as a dependant on anyone's tax return and cannot be entitled to benefits under Medicare.
How much can I contribute to my HSA?
Once you open an HSA, you may contribute up to $3,400 per individual and $6,750 per family per year (for tax year 2017). "Catch-up" contributions are available for account holders age 55 or older. See full account disclosures for details.
Plan Coverage Single Family
Advantages of a Purdue Federal HSA:
- No minimum balance required, just a $25 deposit to open your account
- No monthly service fee
- Low, one-time setup fee of $20
- Free Visa® debit card to access your funds conveniently
- Competitive dividend rate on checking ($1,000 average daily balance to earn Annual Percentage Yield)
- Free online account access
- Free eStatements
- Federally insured funds