Health Savings (HSA)

Health Savings (HSA)

Take control of your healthcare savings with an Aroostook Savings & Loan Health Savings Account (HSA). Designed for individuals with a High Deductible Health Plan (HDHP), an HSA offers tax advantages and flexibility to help you save for qualified medical expenses both now and in the future.

Qualifying for an HSA Contribution

To qualify for an HSA and contribute, you must meet the following requirements:

• Be covered under a High Deductible Health Plan (HDHP) on the first day of the month.
• Have no other health coverage except as permitted under IRS guidelines.
• Not be enrolled in Medicare.
• Not be claimed as a dependent on someone else’s tax return for the current tax year.

For more details, refer to IRS Publication 969 or consult your health insurance provider or tax advisor for guidance on your eligibility.

Why Choose an HSA?

• Save on Taxes: Contributions are tax-deductible, and funds grow tax-free when used for qualified expenses.
• Cover Medical Costs: Use funds for doctor visits, prescriptions, and eligible healthcare expenses.
• Rollover Savings: Any unused funds roll over year to year, remaining yours to use when needed—no “use it or lose it.”
• Plan for the Future: HSA funds can be used in retirement for healthcare expenses or other qualified costs.

Contribution Limits for 2024

Single Plan: Up to $4,150 annually.
Family Plan: Up to $8,300 annually.
Catch-Up Contributions (Ages 55+): Add up to $1,000 annually.

Ready to Get Started?

Visit Aroostook Savings & Loan today to open your HSA and start saving for your healthcare expenses. Our knowledgeable team is here to guide you every step of the way, helping you secure a healthier financial future.

Empower your savings and take control with an HSA from Your Home Bank.