HomeTown helps you save for the unexpected.
Health Savings Account
A Health Savings Account, or HSA, helps you save smarter to pay for any expected and unexpected healthcare costs. You may even be able to deduct your contributions and defer tax account earnings*.
In addition, you enjoy:
- Flexibility- contribute any time during the year
- Convenience- HSA balance rolls over from year to year if you don’t use the funds
- Portability- Your HSA travels with you wherever you go—even if you change jobs.
- Easy access- Get a HSA debit card linked to your account to use at doctor’s offices and pharmacies
| Limits & Contributions |
2024 |
2023 |
| High Deductible Limits |
Minimum annual deductible of $1,600 for single and $3,200 for family. Maximum annual out-of-pocket of $8,050 for single and $16,100 for family. |
Minimum annual deductible of $1,500 for single and $3,000 for family. Maximum annual out-of-pocket of $7,500 for single and $15,000 for family. |
| Allowable Contributions |
$4,150 for single coverage and $8,300 for family coverage. If you are 55 or older, you can make an additional "catch up" contribution of $1,000. |
$3,850 for single coverage and $7,750 for family coverage. If you are 55 or older, you can make an additional "catch up" contribution of $1,000. |
Eligibility requirements:
- 18 years or older
- Must be enrolled in a high deductible health care plan (HDHP)
- Not enrolled in Medicare
- Not claimed as a dependent on someone’s tax return
- Not covered by a non-HDHP that provides any benefit also covered by your HDHP.
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