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To open your account, call State Farm Bank at 877-SF4-BANK(877-734-2265). If you are deaf, hard of hearing, or do not use your voice to communicate, you may contact us via 711 or other relay services.
|2020 HSA Annual Limits||Self||Family|
|HDHP Min Deductible||$1,400||$2,800|
|Max out of pocket (including deductible)||$6,900||$13,800|
|Max Annual Contribution||$3,550||$7,100|
|Catch-up contributions (55yrs or older)5||$1,000||$1,000|
An HSA is a valuable option to save for medical expenses while reducing your taxable income. If you’re anticipating surgery in the near future or just planning for medical expenses, it’s an ideal option.
To be eligible, you must already be enrolled in high-deductible health insurance.
But you may benefit financially in several ways when it comes to taxes. If you follow government guidelines and withdraw funds for eligible expenses, then your money grows tax free and may be used tax free.1
Distributions for other than qualified medical expenses2 prior to age 65 may be taxable and subject to an additional 20% penalty tax. Distributions may be withdrawn for non-medical reasons without tax penalty at age 65, death, or disability, but federal income tax must be paid on the distributions.”
State Farm Bank, F.S.B., Bloomington, Illinois ("Bank"), is a Member FDIC and Equal Housing Lender. NMLS ID 139716. The other products offered by affiliate companies of State Farm Bank are not FDIC insured, not a State Farm Bank obligation or guaranteed by State Farm Bank, and may be subject to investment risk, including possible loss of principal invested. The Bank encourages any interested individual(s) to submit an application for any product(s) offered by the Bank. We also encourage you to obtain information regarding the Bank's underwriting standards for each type of credit or service offered by visiting statefarm.com® or by contacting the Bank at 877-SF4-BANK (877-734-2265). If you are deaf, hard of hearing, or do not use your voice to communicate, you may contact us via 711 or other relay services. To apply for a Bank product, you may also see your participating State Farm Agent.