Receive tax benefits and save on medical expenses
A Health Savings Account (HSA) enables you to take advantage of tax benefits while you save for medical expenses, if you are currently covered by a High-Deductible Health Insurance Policy (HDHP)*.
With a Team One Health Savings Account you can:
- Make tax-free withdrawals for payment of qualified medical expenses
- Conveniently make deposits to your account in person, by mail, by electronic transfer or through payroll deduction
- Earn interest on your account
- Make withdrawals by check
- View account balance online through Team One Online Banking
- Receive a detailed statement including deposits and withdrawals
- Contribute up to $3,550 for individual or $7,100.00 for family coverage per year.
- Roll over your balance from year to year to accumulate your tax-free savings.
*HDHP Minimum deductible amounts for insurance are $1,250 for individual and $2,500 for family coverage. HDHP maximum out-of-pocket amounts are $6,350 for individual and $12,700 for family coverage.