Health Savings Account
Radiant's interest-earning Health Savings Account (HSA) is for individuals with High-Deductable Health Plans (HDHP) who want to easily track and manage their healthcare expenses while earning more on their savings. Our HSA comes with our exclusive HSA Debit Card to make paying for your qualified medical expenses even easier.
Stop by any of our convenient branch locations, or call us today to open your new Health Savings Account.
Benefits of an HSA
- Tax-free growth
- Exclusive HSA Visa Debit Card
- Interest-Earning Account
- No Monthly Service Fee
- No Minimum Balance Requirement
How it works
- You must have coverage under a High Deductible Health Plan
- You may not be covered by any health plan that is not an HDHP (exceptions exist for insurance that covers accidents, disability, dental care, vision care, long-term care and other "permitted insurance.")
- You must not be enrolled in Medicare
- You may not be claimed as a dependent on someone else's tax return.
- You must comply with the guidelines for annual contribution limits.
- You must understand and manage your contributions and distributions. The financial institution holding your account is not responsible for advising you regarding compliance with these requirements.
- You should keep all receipts for expenses made from the Health Savings Checking account in case they are needed during an audit.
- You do not lose the funds in your Health Savings Checking account if they are not used within the year.
- You may make contributions to your HSA account for the previous tax year until April 15th or the tax deadline.
- HSA funds can pay for any qualified medical expense. This includes most medical care and services, and dental and vision care. Refer to IRS Pub 502 (available at www.irs.gov) for a partial list. To be an expense for medical care, the expense has to be primarily for the prevention or alleviation of a physical or mental defect or illness.
- Your employer or a tax adviser can help you determine if you are eligible to open an HSA and provide you with the contribution limits that apply to your situation.
- Your HSA funds may not be used to make loan payments or as collateral for a loan
- Overdraft protection - not offered with this account. Non-sufficient funds fees will be assessed if the account is overdrawn.
- No minimum opening deposit required.
HSA Contribution and HDHP Limits
The statutory annual contribution limit for HSAs depends on whether you have a self-only or a family high-deductible health plan (HDHP).HSA-compatible HDHPs are defined by certain minimum deductible amounts and maximum out-of-pocket expense amounts. If a health plan does not meet these limits, the covered individual will not be eligible for HSA contributions.
| HSA- Compatible High Deductible Health Plan (HDHP) Requirements | |||
|---|---|---|---|
| Tax Year | HDHP Coverage | Minimum Deductible | Maximum Out-of-Pocket Expense |
| 2024 | Self-Only | $1,600 | $8,050 |
| Family | $3,200 | $16,100 | |
| 2025 | Self-Only | $1,650 | $8,300 |
| Family | $3,300 | $16,600 | |
Radiant is not responsible for determining the amount that a member is eligible to contribute. We may not, however, accept regular contributions that exceed the maximum family contribution amount.
| Health Savings Account (HSA) Contribution Limits | |||
|---|---|---|---|
| Tax Year | Self-Only Coverage | Family Coverage | Catch-Up (age 55 or older) |
| 2024 | $4,150 | $8,300 | $1,000 |
| 2025 | $4,300 | $8,550 | $1,000 |
For more information about IRA contributions, refer to IRS Publication 590-A, Contributions to Individual Retirement Arrangements, and to IRS Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans,for more information on HSA contributions.
