Health Savings Accounts

If your business helps cover health insurance premiums for employees, you may be able to save money by switching to a plan with a high deductible and lower premiums. Some of the money you save can help employees can help employees cover health expenses through contributions to individual employee Health Savings Accounts.

Health Savings Accounts (HSAs) offer individuals a way to pay for qualified medical expenses with tax-free money. Up to certain limits, HSA contributions, earnings and distributions used to pay for qualified medical expenses are all tax exempt. Balances may roll over from year to year.

Minimum to open: $1
Minimum daily balance: $0
Service fee: none
Interest rate (Annual Percentage Yield): 0.10% (0.10% APY)
Frequency of compounding & crediting: quarterly
Optional HSA debit card and/or checks
Electronic contributions: employer or individual

2016 High Deductible Health Plans
(Subject to change annually)
Annual deductible must be at least: $1,300 per individual or $2,600 per family
Annual deductible + out-of-pocket expenses cannot exceed: $6,550 per individual or $13,100 per family

2016 HSA Contribution Limits
(Subject to change annually)
Single coverage: $3,350
Family coverage: $6,750
Catch-up contributions for indviduals age 55+ with no Medicare coverage: $1,000

Online Banking

You Are Now Leaving

You are now leaving Marine Bank’s website. You are about to access a third party web site or service that is not owned or controlled by Marine Bank and therefore, may not be FDIC insured.

While we believe these resources are reliable, Marine Bank is not responsible for and will not guarantee the products, services, information, or content provided by this third party.

« Cancel Continue » ×