A Health Savings Account (HSA) is a tax exempt account created exclusively for the purpose of paying qualified medical expenses for members who are enrolled in a high deductible health insurance plan. The Visions Health Savings Account features several convenient account options, including a checking account accessible with a check card. The Visions HSA checking account is being offered to all members FREE for the first year!

If you are enrolled in a health plan and your deductible is at least $1100.00 (single coverage) or $2200.00 (family coverage), you may be eligible to contribute to an HSA. There is no “use it or lose it” rule and unused funds can accumulate each year. Even better, all contributions are tax deductible. The maximum contribution for 2007 is $2850.00 for single individuals and $5650.00 for those with family coverage.

There are a number of mandated changes to HSA accounts for 2007, such as increased portability between HSAs and Flex Spending Accounts, a onetime Roll-over from an IRA and greater employer contributions for lower-paid employees, to name a few.

Members should check with their insurance plan administrators to determine their eligibility before making contributions. Once you have determined eligibility, please contact Ms. Denise Malfet, Deposit Services Specialist at 754-7900 (ext. 542) or visit any branch for further information.

For additional information, you may also visit www.treas.gov/offices/public-affairs/hsa.

Click Here For The HSA Brochure