HEALTH SAVINGS ACCOUNT
With a Health Savings Account (HSA), you can set aside tax-free savings to pay for qualified healthcare expenses now and in the future. Contributions to the HSA can be made through direct deposit or check deposit and your funds roll over from year to year—no need to worry about using up the balance by year-end.
Open an Account
Take control of healthcare expenses
A Health Savings Account (HSA) is a tax-exempt account used in conjunction with an HSA-compatible health plan to pay or reimburse qualified medical expenses. This tax-exempt custodial or trust account covers eligible medical expenses for you and your family. Funds contributed to the account are not subject to income tax and may be used to pay for qualified health care at any time without tax liability.
- Balances automatically roll over from year to year
- Pay for your expenses just as you would from any checking account
- Contribute up to $3,8501 for individual coverage and $7,7501 for family coverage
- Absolutely no maintenance fee
- Individuals age 55 and older and have not enrolled in Medicare can make catch-up contributions of $1,0001
- Electronic Statements (E-Statements) are offered at no cost to you. A $5 fee2 per statement cycle will be applied for receiving paper statements.
HSA Requirements
- Maximum out-of-pocket expenses for individual is $7,5001
- Maximum out-of-pocket expenses for family coverage is $15,0001
- Must have High Deductible Health Plan (HDHP) to be eligible for an HSA Account
- Individuals must have a deductible of $1,5001 and families must have a deductible of $3,0001
Affordable health care options from City Bank
Learn more about the City Bank HSA and how it can benefit you and your family by calling City Bank at 1-800-OUR-BANK.
1Contributions and out of pocket expenses are subject to annual adjustments by the Internal Revenue Service. 2All fees subject to sales tax in New Mexico.