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HSA Accountholder Benefits

Health Savings Accounts (HSAs) are like medical IRAs. Money can be deposited into these accounts and used for healthcare expenses today or saved for the future. There are many advantages to HSAs, including favorable tax treatment.

We offer accountholders a choice of plans and the best customer service in the industry. You'll benefit from our expertise in health insurance and health savings account administration to help you manage your money for maximize benefit in paying for healthcare services and saving for the future.

Opening your HSA with Sterling is easy and only requires a completed application with original signature and funds to open the account. Go to Sign Up Now for HSA to complete the application online. Paper forms are also available on the HSA Forms page.

Any adult can contribute to a HSA if they:

  • Have a HSA compatible high deductible health insurance plan (HDHP)
  • Have no other comprehensive health insurance coverage
  • Are not enrolled in Medicare
  • Cannot be claimed as a dependent on someone else's tax return

Contributions to HSAs can be made by the employee, employer, or both. You can have a HSA even if your employer doesn't contribute as long as you meet the HSA qualifications listed above. The total contributions are limited annually. The IRS sets these maximum contributions each year and they are indexed to inflation. People age 55 and older, that are not on Medicare, can also make additional "catch-up" contributions. The IRS determines the catch up contribution every year.

You can use the money in the HSA account for any "qualified medical expense" for you and your family as permitted under Federal law. This includes medical, dental and vision care.

HSAs offer many advantages, including greater financial security, control of healthcare spending, portability if you leave your job, and tax-advantaged savings. For more information, go to Products and Services, HSAs.

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