Health Savings Accounts – What you need to know for 2013
Citizens National Bank is proud to be a local provider of health savings accounts (HSAs). Paired with a high deductible health plan, these accounts offer savings opportunities for you and your employees. Each year the IRS updates the deductible requirements and maximum contribution limits for those who use HSAs. Here are the new requirements.
As an employer, you must offer a high deductible health plan (HDHP) option that is HSA qualified in order for employees to take advantage of this account.
Self-only plan- $1,250 minimum deductible
Family plan – $2,500 minimum deductible
Annual contribution caps for 2013 are $3,250 for individual coverage and $6,450 for family coverage. Those age 55 or over can make “catch up” contributions, not to exceed $1,000 annually.
For more information about offering a HDHP with health savings account option for your employees, contact your insurance agent. Citizens National Bank will work directly with your insurance company to present information to your employees and even come to your place of business to complete the enrollment process. “We like to work with the insurance agent and meet with the employees to give an overview of the HSA account including how the account works and how they can access their HSA funds. We can also answer any other questions they may have. After the initial enrollment, the employees can contact any CNB office for ongoing customer service regarding their HSA,” explains Amy Evans-Yochum, health savings account specialist. Call 800-262-4663, ext. 321 to speak with Amy or view the video regarding HSAs on our website, www.cnbohio.com/personal_health_savings.asp.