Contributing to a Health Savings Account

A KeyBank Health Savings Account (HSA) in conjuction 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 dependant on anyone else's tax return

The federal government sets annual contribution limits to your account. Contribution limits for 2014 are $3,300 for single coverage, $6,550 for family coverage, and 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.