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 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

2019 High Deductible Health Plans
(Subject to change annually)
Annual deductible must be at least: $1,350 per individual or $2,700 per family
Annual deductible + out-of-pocket expenses cannot exceed: $6,750 per individual or $13,500 per family

2019 HSA Contribution Limits
(Subject to change annually)
Single coverage: $3,500
Family coverage: $7,000
Catch-up contributions for individuals age 55+ with no Medicare coverage: $1,000

  • Nick Oehmke
    Call Nick anytime for a free consultation about how Marine Bank can provide financial solutions tailored to your business. 217.726.0602


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