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Health Savings Accounts

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Reliance State Bank knows that a Health Savings Account (HSA) can play an important role in your physical and financial well-being. An HSA is a tax-exempt account for individuals to save for the purpose of future medical expenses in conjunction with a High-Deductible Healthcare Plan (HDHP).  

The best resource to help you decide if you qualify for a HDHP would be your insurance provider or Human Resources Department. If you determine that it is a good option for you, we are happy to help you set up your HSA to partner with your High-Deductible Healthcare Plan. .  View Contribution Limits and Current Interest Rates and Annual Percentage Yield (APY).

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Contribution Limits

HSA Type 2021 2022
Single HDHP $3,600 $3,650
Family HDHP $7,200 $7,300

HSA contributions for 2021 will need to be made by April 15, 2022.  Please make sure you contact the bank for any previous year contributions!

In addition to the contributions limits listed above, an annual HSA 'Catch up Contribution' of $1,000 is available for individuals age 55 and older. If contributions are also being made by your employer, you will need to factor in that amount when making your own contributions.

Once you turn 65 or beginning the month you apply for Medicare, (whichever comes first), you are no longer eligible to make contributions to your HSA. If you are turning 65 this year, you may be able to make a prorated contribution. The best resource for finding out if you are eligible for this contribution, and how much you are eligible for, would be your tax advisor.  After turning 65, you are still able to use your HSA to pay for qualifying medical expenses.


Additional Information:

Additional information is available on the US Treasury website at www.treasury.gov. If you have any questions, please feel free to contact the bank at 515-733-4396 in Story City or 641-923-2801 in Garner.  

Please consult your tax advisor or attorney for information that relates to your specific circumstances.

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