Welcome to Central Valley Community Bank HSA Central Valley Community Bank offers Health Savings Accounts with the same friendly, professional service we bring to our wide range of other financial products and services. When it comes to helping you ensure a healthy, happy future, Central Valley Community Bank has the experience, the convenience, and the people you can count on.
Benefits & Requirements Eligibility for an HSA simply requires four things:
An HSA compatible High Deductible Health Plan (HDHP) must be chosen by the account holder.
Account holders must be under age 65, or if over age 65, they must waive Medicare benefits.
Account holders may not be enrolled in Medicare Plans A, B or D.
Account holders cannot be a dependent on another person’s tax return.
There are no employment requirements or income limits.
The contribution maximum is limited by the IRS maximums.
The IRS allows account holders and employers to contribute to an HSA at their convenience. Money may be deposited at any time and in any increment up to the maximum allowed per calendar year. Contributions for any taxable year must be received by April 15 of the following year for filing your federal income tax return in order to qualify for a deduction.
The funds in an HSA rollover each year, are 100% vested for the employee on day one and can grow substantially over the years, due to the tax advantaged laws governing HSAs.
Contact Us For more information about Central Valley Community Bank Health Savings Account Products & Services, stop by your local Central Valley Community Bank branch, or contact:
Central Valley Community Bank HSA PO Box 3030
Fresno, CA 93616
The following are key facts about HSAs. For more information, please read the complete list of Frequently Asked Questions (FAQs).
What is an HSA? Think of HSAs as “medical” IRAs. They are federal tax-free accounts that individuals with an HSA-compatible high-deductible insurance policy can fund and use to pay for medical expenses. Because they are tax-advantaged and balances can accumulate over time, HSAs can also be used to accumulate wealth. In addition, HSAs are owned by the individual account holder and therefore portable.
Who is eligible for an HSA? To be eligible for an HSA, the subscriber must be covered only by an HSA compatible, high deductible health plan and must not be a dependent on another person's tax return. Individuals age 65 and older are eligible to open an HSA as long as they have not elected Medicare, Parts A, B or D.
In 2007, a high deductible health insurance plan is one with an annual deductible of at least:
$1,100 for individuals
$2,200 for families
Who can contribute & how much is allowed? Eligible individuals, the individual employer and the individual family member can contribute to HSAs. Federal maximum contribution amount for 2008: $2,900 for individuals and $5,800 for families.
What are the investment options with an HSA? An interest bearing account with tiers paying higher rates for more funds in the HSA.
How can funds be used? HSA funds can be used to pay for a variety of health care services, including many that are not traditionally allowed under other plans (examples: dental and vision care services, long term care insurance premiums and medical insurance premiums during periods of unemployment).
The Central Valley Community Bank HSA Simple Plan– The Central Valley Community Bank HSA Simple Plan is a checking account that individuals with high-deductible health insurance policies can fund and use to pay for medical expenses.
