Northeast Health Savings Account (HSA)

Northeast Health Savings Account (HSA)

Summary

What if there was a way to use pre-tax dollars to pay medical expenses? Now, you can — with a Northeast Health Savings Account.

You decide how much to put away. Then, when a medical expense* pops up, use your convenient HSA debit card to pay. And the money rolls over year-to-year, including the interest earned.

Details:

  • Enjoy great tax benefits* while saving for healthcare costs
  • Use pre-tax dollars to pay for qualified medical expenses, including:
  • Doctor visits
  • Prescription medications
  • Over the counter medications
  • Surgeries and operations
  • Earn competitive interest on your entire balance
  • Reduce annual income tax*
  • No minimum opening deposit required
  • Minimum balance of $1000 required to avoid $5 quarterly basic fee
  • No setup or annual fees
  • Account money rolls over year-to-year
  • No "use it or lose it" policy
  • Account is owned by you, not your employer
  • FDIC insured
  • $20 early account closing fee if account closed within 3 months of opening

Eligibility

  • Must be covered under a qualified, high deductible health plan
  • Cannot be claimed as a dependent on another person's tax return
  • Cannot be enrolled in Medicare
  • Contribution Limits are set by the IRS
  • 2013 contribution limits are:
  • $3,250 for a single person
  • $6,450 for a family
  • A person age 55 or older may make an additional $1,000 in "catch-up" contributions

See Current Rates

*Consult your tax advisor.