WE SPEAK HSA. DO YOU?


Health Savings Accounts are a special savings account owned by an individual where contributions to the account can be used for current and future medical expenses. HSAs are available with either Group Insurance or Individual Insurance and are used in conjunction with a “Qualified High Deductible Health Plan” (QDHP). HSAs must be set up in accordance with numerous IRS guidelines.

We would be happy to offer a one-on-one discussion about how a Health Savings Account can benefit you. Give us a call today.

I want to thank Mary Heidbrier and MLJ Insurance Services for helping me select a plan that fulfilled my requirements and shepherding me through a difficult process. The insurance companies were not ready for the onslaught of new members and it took time and patience on Mary’s part to correct and verify the new insurance plans, billing, and all the associated issues. She dealt with the insurance company on my behalf and I felt well taken care of and could rely on her to help me from the beginning of the process to executing a plan.

Gail Clarke
HSA CONTRIBUTIONS FOR 2017
Minimum Maximum
Deductible Out-Of Pocket Contribution Limit 55+ Contribution
Single $1,300 $6,650 $3,400 $1,000
Family $2,600 $13,100 $6,750 $1,000
HSA CONTRIBUTIONS FOR 2018
Minimum Maximum
Deductible Out-Of Pocket Contribution Limit 55+ Contribution
Single $1,300 $6,650 $3,450 $1,000
Family $2,700 $13,300 $6,900 $1,000

HSA Account Holder FAQ’s


To open a Health Savings account, you must have both a Qualified High Deductible Health Plan (QHDHP) and a Health Savings Account.
Health Savings Accounts are designed to empower the insured by giving you more control over your money. You retain the freedom to use your HSA funds when and how you see fit. Unused contributions accumulate year after year and can be used for retirement funds. They offer lower premiums, so you can contribute more to your own savings.

In addition, HSAs can provide significant tax savings.

Health Savings Accounts must be used in conjunction with a Qualified High Deductible Health Plan (QHDHP). We can evaluate whether your current Health Plan qualifies and make recommendations for changing your plan if it doesn’t.

There are many options when selecting a bank to open your Health Savings Account. As we are not a representative of any particular bank, we will be unable to assist you with the account itself, but we are always happy to assist with any questions as to the functioning of the HSA account. Many insurance carriers have preferred banking institutions that may offer specialized HSA accounts. However, we do recommend UMB’s HSA account. The UMB HSA allows you to pay for your current healthcare expenses or to save money for future qualified expenses. Opening your UMB HSA is easy. You can complete all of your enrollment forms online!

Institutions offering HSA accounts should offer debit cards and/or checks so that you can make withdrawals as needed. Your account should also have the ability to gain interest on the funds in the account. Some institutions offer a flat rate while others offer an incremented amount based upon total funds in the account.

Investment options are available in many accounts, but require at least one year’s deductible to be available at all times.

Fees for Health Savings Accounts are generally nominal and might include monthly or yearly fees, check or debit card fees, and ATM use fees.

As of January 1, 2017, the annual maximum contribution will be determined by IRS regulations rather than your HDHP (High Deductible Health Plan). In addition, the annual maximum contribution will be allowed regardless of when your HDHP (High Deductible Health Plan) begins. However, there may be loss of the right to contribute if the HDHP is not kept in force for a time.

Cost of living adjustments will be announced early in the year, preceding the adjustment. A one-time rollover from other qualified accounts will be allowed under the “hardship” description.

Employer contributions rules have been modified. Check with your employer to find out how your contributions may be affected.

HSA Employer Information


A Health Savings Account (HSA) is a tax-exempt trust or custodial account your employees can set up with a qualified HSA trustee to pay or reimburse employees for qualified medical expenses on a tax-free basis.

An employee must be covered by a Qualified High Deductible Health Plan (QHDHP) to be able to take advantage of HSAs. A QHDHP generally costs less than what traditional health care coverage costs, although since the advent of Healthcare Reform we do not see a wide variety in premium costs.

An employee owns and controls the money in the HSA. Decisions on how to spend the money are made by the employee without relying on a third party or a health insurer.

Employees may enjoy several benefits from having an HSA:

  • An employee can claim a tax deduction for contributions.
  • Contributions to an HSA made by the employer (including contributions made through a cafeteria plan) may be excluded from the employee’s gross income.
  • The contributions remain in the employee’s account from year to year until they are used.
  • Distributions may be tax free if the employee paid qualified medical expenses.
As much or as little as you want (while staying below the annual statutory limit on contributions to the account).
No, you do not own your employees’ HSAs. The employee fully owns the contributions to the account as soon as they are deposited, just as with a personal checking or savings account to which you would deposit their compensation.
For employees to have an HSA they must be enrolled in a Qualified High Deductible Health Plan (QHDHP).

As an employer, you can make contributions to your employees’ HSA accounts. When you do so, you can deduct the contributions on the “Employee benefit programs” line of your business income tax return for the year in which you make the contributions.

If as an employer, you decide to contribute to your employees’ HSAs, Internal Revenue Code rules require you to make comparable contributions to all participating employees’ HSA accounts. The comparability rules do not, however, apply to contributions made through a cafeteria plan.

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