Health Savings Accounts
A Health Savings Account (HSA) is a savings account designed to assist individuals in saving for future medical and health expenses on a tax-free basis. Used in conjunction with a High Deductible Health Plan (HDHP), the money saved in the HSA can be used to help pay the high deductible or other qualified medical expenses.
- NO set up fee!
- Contributions are tax deductible
- Distributions can be taken at any time
- Account earns a competitive rate of interest contact us for current rates
- FREE Debit card available
- Who's eligible?
- Those who are covered by a High Deductible Health Plan.
- Those who are not enrolled in Medicare
- Those who are not a dependent on someone else’s tax return (ie: children may not form their own HSA)
- There are no income limits and no income requirements on who may contribute to an HSA.
- What health coverage plans are allowed for eligibility on an HSA?
- Dental care, accident and disability, vision care, long-term care insurance, and specific disease or illness insurances are allowed
- Employee Assistance Programs, disease management program, or wellness program. (These programs cannot provide significant medical care or treatment benefits)
- Drug Discount Cards
- Eligibility for VA Benefits (cannot have received VA health Benefits in the last 3 months)
- Contributing to your HSA
- Annual HSA contribution limits are set for each year; see IRS guidelines
- Those who become newly eligible for a HSA during the year are entitled to the maximum contribution of the year (must remain eligible beginning December 1 of the year becoming eligible and ending on December 31 the following year).
For More Information Contact a Personal Banker at (406) 495-2400