Health Savings Accounts
When every penny counts, a Health Savings Account is a smart way to pay for qualifying medical expenses. Our HSAs let you access pre-tax dollars from a fund you create to pay for everything from eligible doctor visits, prescriptions and over-the-counter medications to certain kinds of healthcare coverage. Combined with the preventative care your High Deductible Health Plan (HDHP) covers, an HSA can reduce your total out-of-pocket expenses and increase your tax benefits significantly.
Ask a Personal Banker about the contribution rules for the current tax year. Contributions can be made until April 15 of the following year for your prior year medical expenses.
TAX BENEFITS
- HSA contributions are tax deductible (consult your tax advisor)
- HSA earnings are tax-deferred
- HSA assets are never taxed if used for qualified medical expenses
- Unused contributions can be applied to future medical expenses
WHO IS ELIGIBLE TO PARTICIPATE?
You are an eligible individual if you:
- Are covered under an HDHP as defined by the IRS in Publication 969 at www.irs.gov
- Are not entitled to benefits under Medicare
- Are not able to be claimed as a dependent on another person’s tax return
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