888-547-6541 Log In Locations Contact Us Help Center Careers A Smarter Way to Pay for Medical Expenses Health Savings Accounts If you have a high-deductible health plan, a Health Savings Account (HSA) can be a smart way to pay for your medical expenses. HSAs offer potential tax advantages1, especially when used for qualified expenses. Funds can roll over from year-to-year, and HSAs are portable as you change jobs. With an HSA at The Bank of Missouri, you’ll enjoy a dedicated debit card, monthly account statements, Online Banking, and the ability to make automatic transfers to your HSA. Even better, you can earn interest on your balance. Any interest and investment earnings on contributions grow tax-deferred until withdrawn, and like contributions, will be tax-free when withdrawn if used to pay qualified medical expenses. HSA Qualifications To open an HSA and start enjoying the benefits, you will need to meet federal regulations. Generally, you must be enrolled in a high deductible health plan (HDHP) that meets certain criteria, and you must not be claimed as a dependent on someone else’s tax returns. Contributions The IRS sets limits on the amount you can contribute to your HSA. This amount typically adjusts for inflation each year. 2021 Annual Contribution Limit Individual: $3,600 Family: $7,200 2022 Annual Contribution Limit Individual: $3,650 Family: $7,300 You may choose to contribute monthly to your HSA or make a lump-sum contribution any time before your tax return becomes due. You may also be eligible to make additional "catch-up contributions" to your HSA of $1,000, if you are 55 or older. Eligible Expenses Eligible health expenses for your HSA funds include lab fees, prescriptions drugs, dental treatment, ambulance service, eyeglasses, and hearing aids, as well as many other healthcare expenses. Over-the-counter medications are not eligible purchases, unless it’s insulin or is prescribed by a physician. Also, health insurance premiums are generally not eligible expenses. Some exceptions apply, including COBRA coverage. Using your HSA for non-eligible expenses is subject to taxes as well as an additional 20% penalty tax. Exceptions include if the HSA payment is the result of a beneficiary’s death, disability or the beneficiary has reached age 65. For a complete list of qualified medical expenses, please see IRS Publication 502. I Want To Learn More About HSAs About Health Savings Accounts Who can establish an HSA? How are contributions taxed? What happens to funds remaining in my HSA? Bank Anywhere With Mobile & Online Banking Start saving time Helpful Links Checking Accounts Savings Accounts Debit Cards ¹ Please consult with a tax or legal professional for guidance on tax implications related to savings products. Locations Contact Us Careers Bank Owned Properties Order Checks Online Privacy Notice Terms of Use Routing #081903867 © 2021 The Bank of Missouri Member FDIC Equal Housing Lender