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Health Savings Account
This interest-bearing account is for those with a High Deductible Health Plan (HDHP). It allows you to set aside money to be used for current or future qualified medical expenses on a tax-free basis.
Annual contributions are limited by tax law, and accumulated earnings and distributions used to pay for qualified medical expenses are tax exempt. Balances in the account may accumulate and roll over from year to year. Account features include:
- No minimum balance requirement
- No set-up or annual maintenance fee
- Interest-bearing account
- Free HSA debit card
- Direct Deposit capabilities
- Monthly statement
- Check Safekeeping
- Local Servicing
- FDIC-insured deposits
By law, to be eligible for an HSA:
- You must be covered by a HDHP.
- You cannot be covered by any other health plan that is not a HDHP.
- You cannot be enrolled in Medicare.
- You cannot be claimed as a dependent on another person’s tax return.
Discuss your HSA eligibility, contributions limits and other allowable options with your insurance consultant and tax accountant.