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The HSA Authority Insights

Disclaimer: This communication is not intended as legal or tax advice. The materials contain only a partial, general description of the benefits of Health Savings Accounts. Investments available to HSA holders are subject to risk, including the possible loss of the principal invested and are not federally-insured or guaranteed by Old National Bank. The information is believed to be accurate as of the production date; however, Federal and state laws and regulations are subject to change. Please contact a competent legal or tax professional for personal advice on eligibility, tax treatment and restrictions.

Video Transcript

Are you contributing to your HSA from The HSA Authority at Old National Bank? Because you'll want those funds available when you and your family need them.

There are many ways for you to contribute. The first, and BEST way, is through payroll deductions. Both you, and your employer, can contribute through this method. And, the contributions by you and your employer are non-taxable. When you contribute, your employer deducts your HSA contribution BEFORE taxes are calculated and deposits it in your HSA. Now how easy is that? You actually save on your taxes EVERY payday – no federal tax, no payroll tax and, in most cases, no state taxes.

You can also mail a check to The HSA Authority operations center; deposit money into your HSA at any Old National banking center; or send money electronically through online banking or bill pay. You can then deduct those contributions when filing your federal taxes and, in most states, your state tax returns.

Although your contributions are tax-free, each year, the IRS DOES set an annual contribution limit on your HSA. There's a single limit for HSA-qualified health plans covering just one person and a family limit that covers more than one person. To find this year's limits, check, or refer to your HSA enrollment and education packet. Remember, any contribution your employer makes to your HSA also counts toward your annual limit. So keep your eye on your contribution total for each year. If you go over that IRS limit, you may be charged taxes and a 6% penalty on the overage. Now, even though there's an ANNUAL limit, there's still no limit to how LARGE your HSA can grow over time.

Contribute to your HSA now. Contribute as often and as much as you can, without going over the IRA’s annual contribution limits, to have the peace of mind that qualifying medical expenses are covered for you and your dependents.

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