Health SavingsBecause we understand that health care costs can accumulate quickly, even after your insurance covers some of the expense, Telhio offers Health Savings Accounts (HSAs) to help offset most, if not all of your out-of-pocket expenses. This account is exclusively for the purpose of paying or reimbursing qualified medical expenses for you, your spouse and your dependents. Also, we now offer HSA CDs for longer-term savings and higher return.
You qualify for an HSA if:
- You are covered under a high-deductible health plan (HDHP).
- You are not covered by any other health plan that is not a HDHP, with exceptions for plans providing preventive care and limited types of permitted insurance and coverage.
- You are not enrolled in Medicare.
- You are not claimed as a dependent on another individual's tax return.
- Your HDHP limits out-of-pocket expenses to no more than $6,550 for self-only coverage and $13,100 for family coverage.
You, your employer, your family members and any other person may contribute to your account. Contribution limits are $3,400 for self-only coverage and $6,750 for family coverage. If you are over age 55, you can add $1,000 to either limit to catch up on savings.
If you decide to open a Health Savings Account, you as the owner are responsible to name a qualified trustee or custodian. Each year, you'll have to determine your allowable annual HSA contribution and whether you have qualified medical expense eligible for reimbursement.
An HSA is a great tool for paying health benefits. We hope that using some of the information provided, you will better know the benefits of your HSA:
HSA SAVINGS RATES
Rates effective Midnight on Tuesday, December 29, 2015
HSA CD RATES
Rates effective Midnight on Monday, September 21, 2015