For more
information, call
The First State
Bank at
800-482-7640
or email:
banking@fsb-wv.com

 

Health Saving Account Frequently Asked Questions

What is a High-Deductible Health Plan (HDHP)?
An HDHP is a plan with an annual deductible no less than the amounts displayed in the chart below:

HDHP Annual Deductible 
Tax Year Self Coverage Only Family Coverage
2016 $1,300.00 $2,600.00
2017 $1,300.00 $2,600.00
2018 & later $1,300.00* $2,600.00*
*Subject to annual-cost-of-living adjustments

What are the HDHP Requirements?
An HDHP must limit out-of-pocket expenses to no more than the amounts displayed in the chart below:

Maximum Out Of Pocket Expenses 
Tax Year Self Coverage Only Family Coverage
2016 $6,550.00 $13,100.00
2017 $6,550.00 $13,100.00
2018 & later $6,550.00* $13,100.00*
*Subject to annual-cost-of-living adjustments

When will I receive HSA activity reports?
Your HSA custodian/trustee reports contributions made to your HSA on IRS Form 1099-SA to the IRS and on IRS Form 5498-SA annually.

In addition, IRS Form 8889, Health Savings Account (HSA) may be filed as part of your federal income tax return to show your HSA distribution and contribution activity.

What are the requirements for HSA Beneficiaries?
Spouse Beneficiary: If your spouse is the beneficiary of your HSA, the HSA becomes theirs.

Nonspouse Beneficiary: Your HSA ceases to be an HSA as of the date of your death if your spouse is not the beneficiary. If your estate is the beneficiary, the fair market value of your HSA (as of the date of your death) is included as income on your final income tax return. For other beneficiaries, they will receive the value of the HSA in the tax year of your death.

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