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Health Savings Accounts (HSAs)
On This Page
 HSA Eligibility
HSA Contribution Limits
*HSA Tax-Free Withdrawals
Health Savings Accounts
Save for medical expenses and enjoy tax benefits!
A Health Savings Account (HSA) is a tax-deductible savings account with tax-free withdrawals* for qualified medical expenses. Ask your Employer or Health Insurance Company if your health insurance plan makes
you eligible to open and make contributions to a HSA.
Ent's Health Savings Accounts offer:
- No minimum balance to open & no monthly fees.
- A Free Visa® Check Card – for easy access to funds.
- Unlimited check writing.
- Attractive tiered dividend rates.
- Tax-free withdrawals* for qualified medical expenses.
Learn if a Health Savings Account is right for you by using our online HSA Advisor!
To open your HSA, call (719) 574-1100 today, or visit any of our service center locations!
HSA Eligibility**
To open and make contributions to a HSA, you must meet all of the following requirements:
- You must be covered under a High Deductible Health Plan (HDHP).
- You cannot be covered by any other health plan that is not a HDHP.
- You are not enrolled in Medicare.
- You are not eligible to be claimed as a dependent on another person’s tax return.
- You must be less than 65 years old. (Individuals may not make regular contributions to a HSA in or after the tax year they reach age 65.)
** To confirm your eligibility, check with your Employer, Health Insurance Provider, or the U.S. Treasury’s website on Health Savings Accounts located
at http://www.treas.gov/offices/public-affairs/hsa/  .
HSA Contribution Limits
Like IRAs, HSAs have maximum annual contribution limits. Contributions for 2007 can be made through April 15, 2008.
| Year |
Single Coverage |
Family Coverage |
Catch-up Provision for
Aged 55 or Older |
| 2006 |
$2,700 |
$5,450 |
$700 |
| 2007 |
$2,850 |
$5,650 |
$800 |
| 2008 |
$2,900 |
$5,800 |
$900 |
*HSA Tax-Free Withdrawals
Withdrawals from HSAs are tax-free if the funds are used exclusively for paying or reimbursing qualified medical expenses. Qualified expenses are those incurred after the HSA is opened and include: doctor visits, prescription drugs and more!
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