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Health Savings Account

A Health Savings Account (HSA) is a tax-advantaged bank account that allows you to accumulate funds pretax to pay for qualified health care expenses. You may pay for current expenses or save the funds for expenses in retirement. There are several benefits of an HSA:

There is a $1.00 monthly administrative fee for an HSA.

Who is eligible for an HSA?

Savings Plan members can enroll in an HSA with Central Bank, the HSA custodian bank. You must not be enrolled in any other health coverage, including Medicare. You also cannot be claimed as a dependent on someone else’s tax return.

Savings Plan members who enroll in an HSA, can enroll in a Limited-use MSA to pay for expenses the Savings Plan does not cover, like dental and vision care.

How much can I contribute to my HSA?

Your contribution limit is determined by your health coverage level.

Coverage levelLimit
Self-only coverage$3,500
Family coverage$7,000
Catch-up for ages 55 or older$1,000

You must file IRS Form 8889 with your tax return annually to report contributions and distributions from your account.

Who is the HSA custodian bank?

Central Bank is the HSA custodian bank; Central Bank offers mobile banking, Bill Pay and online accounts statements. You can also add Apple Pay®, Samsung or Android Pay. The Central Bank monthly administrative fees are:

How do I invest my HSA funds?

Once your balance reaches the designated $1,000 investment threshold, you can begin investing. With a diverse array of Central Bank fund offerings, it’s easy to find an option that matches your personal financial goals.

How do I access my HSA funds?

Your funds are available as you contribute throughout the year. As you have eligible expenses, you can use your Central Bank MasterCard® debit card.

You are responsible for monitoring your account and ensuring that distributions are for qualified expenses and contributions do not exceed limits set by the IRS. You should keep records and documentation of all health care expenses for which distributions are taken.

What happens to my current HSA?

If you already have an HSA with another bank, you may transfer or roll over your funds to your Central Bank HSA. You may also choose to keep your previous HSA, but pretax contributions from your paycheck will only be deposited into your Central Bank HSA.

FAQs

Learn more about HSAs in these FAQs.