You may contribute to your HSA yourself or others may contribute on your behalf.
Contributions may be made to your account at any time during the year. Once funds
are deposited into your account, they are yours regardless of resignation or termination.
In 2015, maximum contributions to an HSA may not exceed $3,350 for individual coverage
or $6,650 for family coverage. These maximums will be adjusted annually.
Contributions made in excess of your allowed limit will generally be charged a 6%
excise tax. However, if you withdraw funds prior to April 15 of the following year,
you may only have to pay income tax on those additional funds.
Funding an HSA with After- or Before-tax Dollars
HSA contributions made by your employer are not taxable to you; contributions made
by yourself, or others on your behalf, are an "above the line" deduction.
Transfers from IRAs
A one-time annual contribution can be made to an HSA from an Individual Retirement Account
(IRA). Visit with your tax advisor for details regarding contributions and penalties
that could be assessed.
Effects on Traditional or Roth IRA Contributions
Contributions to your HSA will not affect contributions to a Roth or traditional
IRA. HSA funds may not roll over into an IRA.
Catch-up Contributions for Individuals 55 or Older
If you are between the ages of 55 and 65, the HSA contribution limit is increased
by $1000 during 2013 and all years going forward. Someone over age 65 but not enrolled
in Medicare Part A or B may still make catch-up contributions.
Truth in Savings Disclosure for Health Savings Accounts
Upon completing the online application, an information packet including your completed application will be
mailed to the address you listed. Please review and sign the application and additional forms and return
the packet to INTRUST in the included envelope. If you are opening your first account with INTRUST,
additional items will also be requested. You will receive full details on these items after completing
the online application. Submission of this application and completion and execution of other documents
including the signature card, does not constitute approval or acceptance of the HSA by the Bank.
For more information about Health Savings Accounts, contact Customer Service
If your company offers its employees a High Deductible Health Plan and you're interested
in complementing the Plan with a Health Savings Account, contact Customer Service