A KeyBank Health Savings Account (HSA) in conjunction with your High Deductible Health Plan (HDHP) can save you money and help manage your health care costs. You are eligible for an HSA if you:
- are enrolled in an HSA qualified HDHP
- are not covered by any other health insurance*
- are not covered by Medicare
- are not a dependent on anyone else's tax return
The federal government sets annual contribution limits to your account. Contribution limits for 2015 are $3,350 for single coverage and $6,750 for family coverage. Generally, contributions for 2016 will be accepted through April 15, 2017. Contribution limits for 2016 are $3,350 for single coverage and $6,750 for family coverage. Individuals age 55 and over are eligible for an additional "catch-up" contribution of $1,000. Rollovers and transfers from other HSAs are not subject to contribution limits.
Deposits can be made with your own money or your employer can make a contribution or arrange salary deductions for your contribution. In addition, relatives may gift a contribution to your account. If you have another HSA or Medical Savings Account, your KeyBank Relationship Manager can help you transfer a contribution from those accounts into your current HSA.
Consult your Relationship Manager for more information on the regulations that govern your HSA.