
An innovative health care solution. Health Savings Accounts (HSAs) were developed to help address the issue of rising health care costs. With money-saving features and special tax benefits+, these accounts are becoming increasingly popular.
A Health Savings Account has two components. First, you must participate in a high deductible health plan (HDHP). The IRS specifies a minimum annual deductible and a maximum limit for out-of-pocket expenses. Your HDHP must meet these dollar limits. Once your HDHP is in place, you may open a special savings account with specific contribution limits and withdrawal guidelines.
The total amount you or your employer may contribute to an HSA depends on whether you have self-only or family coverage under your HDHP.
If you are 55 by the end of the year, you may qualify for an additional "catch-up" contribution of $1,000. Medicare coverage or partial year HSA participation may reduce your allowable contributions.
You can make tax-free, penalty-free withdrawals if the funds are used for certain qualified medical expenses. Generally, this includes expenses that qualify for the medical and dental income tax deductions as listed in IRS Publication 502.
Non-qualified distributions of HSAs are subject to taxation and a 20 percent penalty unless the HSA owner is age 65 or older, dies, or is disabled.
To learn more, please call our Contact Center at 860.446.8085 or 800.962.3237, or stop by any Charter Oak branch.
Contribution limits, qualification criteria and other terms and conditions relating to these accounts can change at any time. Before you open your account, consult your tax advisor for current IRS laws and regulations associated with these types of accounts and whether they are a suitable investment for your financial situation.
*Annual Percentage Yield (APY). Dividends compounded and credited monthly. Rates subject to change without notice.
+Before you open your account, consult your tax advisor for current IRS laws and regulations associated with these types of accounts and whether they are a suitable investment for your financial situation.
EARN
3.00%apy*
ON GO CHECKING
UP TO $10,000
ATM REBATES AND MUCH MORE!
*APY=Annual Percentage Yield
1055 Hartford Turnpike • Waterford, CT 06385
860.446.8085 • 800.962.3237
Elapsed | Previous | % | Group | Location | Type | Message | ||
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10 | [28] | 0.061305 | 0.000154 | 0.03% | Modes | mode_base:190 | (Major) | Premode Tasks - Start |
11 | [29] | 0.061337 | 0.000032 | 0.01% | Modes | mode_itembase:118 | (Major) | Start Premode Tasks display |
12 | [31] | 0.068110 | 0.006773 | 1.36% | Modes | mode_itembase:231 | (Major) | End Premode Tasks display |
13 | [32] | 0.068143 | 0.000033 | 0.01% | Modes | mode_base:193 | (Major) | Mode Tasks - Start |
14 | [36] | 0.079167 | 0.011024 | 2.21% | Modes | genome:218 | (Major) | Finished Executing Mode: display |
15 | [37] | 0.079207 | 0.000040 | 0.01% | Start | mode_base:443 | (Major) | Prepare starting in render |
16 | [38] | 0.079242 | 0.000035 | 0.01% | Start | Smarty3InitializationTrait:54 | (Major) | Initializing Smarty |
17 | [40] | 0.079559 | 0.000317 | 0.06% | Start | Smarty3InitializationTrait:97 | (Major) | Initialized Smarty Object From mode_base |
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24 | [51] | 0.132711 | 0.000105 | 0.02% | Start | mode_itembase:249 | (Normal) | Start mode_prepare |
25 | [53] | 0.136981 | 0.004270 | 0.85% | Start | mode_itembase:251 | (Normal) | End mode_prepare |
26 | [54] | 0.137071 | 0.000090 | 0.02% | Start | mode_base:447 | (Major) | Prepare complete in render |
27 | [55] | 0.137131 | 0.000060 | 0.01% | Start | mode_base:527 | (Major) | Begin Render |
28 | [56] | 0.137168 | 0.000037 | 0.01% | Modes | mode_base:535 | (Major) | Render Starting |
29 | [57] | 0.137196 | 0.000028 | 0.01% | Modes | mode_base:538 | (Major) | Rendering Content - Start |
30 | [58] | 0.137279 | 0.000083 | 0.02% | Start | mode_base:1091 | (Major) | Rendering template site/custom/templates/web/items/page/default_display.tpl |
31 | [60] | 0.153107 | 0.015828 | 3.17% | Search | search:1108 | (Normal) | Search: 3 Starting Search |
32 | [61] | 0.185077 | 0.031970 | 6.40% | Item | item_object:343 | (Major) | Item Object Spawning: 83 (Total Items: 3) |
33 | [66] | 0.195145 | 0.010068 | 2.01% | Item | item_object:365 | (Major) | Item Object Spawned: 83 Type:pocket_object |
34 | [67] | 0.195344 | 0.000199 | 0.04% | Search | search:1344 | (Normal) | Search: 3 Finished Search Query Time: 0000.0095110 |
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39 | [76] | 0.252523 | 0.015491 | 3.10% | Item | item_object:343 | (Major) | Item Object Spawning: 40 (Total Items: 4) |
40 | [79] | 0.268522 | 0.015999 | 3.20% | Item | item_object:365 | (Major) | Item Object Spawned: 40 Type:menu_object |
41 | [81] | 0.292904 | 0.024382 | 4.88% | Item | item_object:343 | (Major) | Item Object Spawning: 59 (Total Items: 5) |
42 | [84] | 0.300830 | 0.007926 | 1.59% | Item | item_object:365 | (Major) | Item Object Spawned: 59 Type:menu_object |
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46 | [91] | 0.356356 | 0.000035 | 0.01% | Modes | mode_base:550 | (Major) | Rendering section head - End |
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49 | [95] | 0.357600 | 0.001072 | 0.21% | Search | search:1108 | (Normal) | Search: 4 Starting Search |
50 | [96] | 0.390527 | 0.032927 | 6.59% | Search | search:1344 | (Normal) | Search: 4 Finished Search Query Time: 0000.0035930 |
51 | [98] | 0.392879 | 0.002352 | 0.47% | Item | item_object:343 | (Major) | Item Object Spawning: 39 (Total Items: 7) |
52 | [101] | 0.400991 | 0.008112 | 1.62% | Item | item_object:365 | (Major) | Item Object Spawned: 39 Type:menu_object |
53 | [107] | 0.438933 | 0.037942 | 7.59% | Start | mode_base:1093 | (Major) | Finished rendering template site/custom/templates/web/site/foot.tpl |
54 | [108] | 0.438968 | 0.000035 | 0.01% | Modes | mode_base:550 | (Major) | Rendering section foot - End |
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57 | [111] | 0.439518 | 0.000340 | 0.07% | Start | mode_base:1093 | (Major) | Finished rendering template site/custom/templates/web/site/post.tpl |
58 | [112] | 0.439550 | 0.000032 | 0.01% | Modes | mode_base:550 | (Major) | Rendering section post - End |
59 | [113] | 0.439650 | 0.000100 | 0.02% | Start | mode_base:1091 | (Major) | Rendering template site/custom/templates/web/site/pre.tpl |
60 | [117] | 0.492953 | 0.053303 | 10.67% | Package | PackageManager:731 | (Major) | Start rendering css asset block. |
61 | [118] | 0.495741 | 0.002788 | 0.56% | Package | PackageManager:1043 | (Major) | Start rendering js asset block. |
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63 | [120] | 0.499509 | 0.000155 | 0.03% | Start | mode_base:1091 | (Major) | Rendering template site/core/templates/web/helpers/debugger_popup.tpl |
64 | [0] | 0.499670 | 0.000161 | 0.03% | ||||
64 | - | 0.499668 | 100.00% | total |