Health Savings Account

Is A Health Savings Account (HSA) For You?

An HSA is a tax-exempt account established to help pay medical expenses in conjunction with a high-deductible health care plan (HDHP).

An HSA can help you save for future health and retirement needs. Although an HSA is primarily used to pay health care expenses on a tax-preferred basis, it can also be used to accumulate retirement savings – also on a tax-preferred basis. Much like an individual retirement account, unused deposits roll over each year and grow tax-preferred through investment earnings.

To better understand the ins-and-outs of HSAs, read our FAQs.

To open an HSA and make tax-fee contributions, you:

  • Must have a high-deductible health insurance plan
  • Cannot be covered by another non high-deductible health plan
  • Cannot be enrolled in Medicare
  • May not be claimed as a dependent on another person’s tax return

National Bank Of Kansas City’s HSA account offers competitive, tiered interest rates as well as:

  • Free debit card
  • Free online banking
  • No monthly fee if balance is above $5,000
  • Direct deposit without having an NBKC primary checking account

2008 Contribution & Deduction Limits

2008 REQUIREMENTS
HEALTH PLAN SINGLE FAMILY
Minimum deductible $1,100 $2,200
Out-of-pocket max $5,600 $11,200
Maximum contribution $2,900 $5,800

$900 additional catch-up contribution allowed for those age 55 and older.

2009 Contribution & Deduction Limits

2009 REQUIREMENTS
HEALTH PLAN SINGLE FAMILY
Minimum deductible $1,150 $2,300
Out-of-pocket max $5,800 $11,600
Maximum contribution $3,000 $5,950

$1000 additional catch-up contribution allowed for those age 55 and older.

Open your account today:

Paper checks are available at normal rates. Account has a $15 set-up fee. Set-up fee subject to change at any time. $2 monthly fee if balance falls under $5,000.