Health Savings Account
Don’t let financial worries about medical expenses take the focus off your health. Our Health Savings Account (HSA) is here to put your well-being first. If you have a High-Deductible Health Plan, this tax-deductible account is designed to cover qualified current and future medical costs without any monthly service or transaction fees.
Helping You Focus on Your Health
With a Thomaston Savings Bank HSA, you can save for your healthcare needs and get peace of mind knowing that your money is growing tax-deferred and can be withdrawn tax-free for qualified medical expenses. With free checks, an HSA Visa® Debit Card, and complimentary Online Banking and Bill Pay services, managing your healthcare expenses is effortless. Plus, our HSA offers tiered rates, so the more you save, the more you earn. Your health, your finances, all in balance.
DOWNLOAD FREQUENTLY ASKED QUESTIONS
Frequently Asked Questions (FAQs)
To be an eligible individual and qualify for an HSA, you must meet the following requirements.
- You must be covered under a high deductible health plan (HDHP).
- You have no other health coverage that is not a HDHP.
- You are not enrolled in Medicare.
- You cannot be claimed as a dependent on someone else’s tax return.
There are several benefits to maintaining an HSA, which include:
- Eligible contributions are excluded from income.
- The contributions remain in your account until you use them.
- The interest or other earnings on the assets in the account are tax free.
- Distributions may be tax free if used for qualified medical expenses.
- An HSA is “portable.” It stays with you if you change employers or leave the work force
The following table illustrates the minimum annual deductible and maximum deductible and other out-of-pocket expenses for HDHPs for 2024.
| Self-Only Coverage | Family Coverage | |
| Minimum annual deductible | $1,600 | $3,200 |
| Maximum annual deductible and other out-of-pocket expenses* | $8,050 | $16,100 |
| *This limit does not apply to deductibles and expenses for out-of-network services if the plan uses a network of providers. Instead, only deductibles and out-of-pocket expenses for services within the network should be used to figure whether the limit applies. Please consult with your insurance company. | ||
Yes, as long as the medical reimbursement plan satisfies the HDHP requirements.
Contributions can be made through payroll deductions, at one of our branches or online. Contributions made during the present calendar year, for the previous year require special documentation and must be in writing.
Contributions may be made by yourself, employer, or eligible individual’s family member.
No. Health Savings Accounts may only have a single owner. However, we do allow you to designate an authorized signer, such as your spouse, to make qualified distributions by check or debit card.
The amount you or any other person can contribute to your HSA depends on the type of HDHP coverage you have, your age, the date you become an eligible individual, and the date you cease to be an eligible individual.
| Tax Year | Self-Only Coverage | Family Coverage |
| 2023 | $3,850 | $7,750 |
| 2024 | $4,150 | $8,300 |
If you are over the age of 55, you may take advantage of the annual catch-up contribution, which is $1,000 for 2023 and 2024.
Current year contributions can be made at any point during the year by the client their employer, as long as they do not exceed the maximum amount allowed for the HSA Plan Type (Individual or Family).
Yes, you are responsible. Please consult with your tax advisor for complete details.
You may write a check, use your HSA Debit Card, or pay a qualified bill online.
The costs associated to diagnose, cure, mitigate, treat, or prevent a disease. For additional information, refer to IRS Publication 969 (2023).
You do. It is your responsibility to maintain sufficient records of your distributions.
In order to ensure proper reporting to the IRS, you will be required to contact Thomaston Savings Bank and complete the appropriate documentation to properly record the transaction and deposit the funds returned to you.
No. Funds can remain in your HSA.
Health Savings Account Highlights
Save for qualified medical expenses: You can use your HSA to pay for qualified medical expenses, such as deductibles, copays, coinsurance, and prescription drugs.
Tax-advantaged savings: Your HSA contributions and earnings are tax-free, so you can withdraw your money tax-free to pay for qualified medical expenses.
No monthly service or transaction fees: There are no monthly service or transaction fees associated with your HSA.
Helpful management tools: You'll receive free checks, an HSA Visa® Debit Card, and free Online Banking and Bill Pay services to help you manage your HSA.
Tiered rate product: Our HSA is a tiered rate product, so you can earn more interest when you save more.
Health Savings Account (HSA) Contribution Limits
| Tax Year | Self-Only Coverage | Family Coverage | Catch-Up (age 55 or older) |
|---|---|---|---|
| 2023 | $3,850 | $7,750 | $1,000 |
| 2024 | $4,150 | $8,300 | $1,000 |
Current Health Savings Account (HSA) Rates
How to Make the Most of Your Health Savings Account
Learn about the many attractive features of the Health Savings Account and how they might benefit you.
Take the Next Step
Get in Touch
Questions about our Health Savings Account (HSA)? Fill out the form below to connect with us.