Health Saving Account

Features

• Complimentary HSA Debit MasterCard¹
• Complimentary Online Banking
• Complimentary Online Bill Pay
• Complimentary Mobile Banking²
• Complimentary monthly eStatements
• Interest Earned on Tiered Balances³
• Convenience Checks⁴
• $3 Monthly Service Fee with Rewards Credit. Earn rewards credit each statement cycle to offset the monthly service fee. Accounts must be in good standing to receive rewards credit.⁵

How Does an HSA Work?

A High Deductible Health Plan (HDHP) covers major health expenses. Your HSA compliments the HDHP and will help pay eligible day-to-day medical expenses including deductibles and copays, plus other qualified medical expenses not covered by your plan. You can contribute to your HSA pre-tax, the funds grows tax-free, and can be used tax-free. You — not your employer or insurance company — own and control the money in your HSA. Contact your tax advisor for annual contribution limits.

Can I Open an HSA?

To be eligible for HSA contributions, individuals must be enrolled in a high deductible health plan, under age 65 or not enrolled in Medicare, and not claimed as a dependent on another person’s tax return. The HDHP must be your only coverage – you can’t be covered by other insurance (including a spouse’s plan).

Other limitations may apply. Your tax advisor can help determine if you are eligible.

Is an HSA the Right Choice for Me?

Consider your budget and your likely health care needs for the coming year. There are several advantages to an HSA:

• Take control of your medical expenses. You are in the driver’s seat to decide how you save and spend your money. Engaged consumers have the opportunity to realize significant savings.
• Pay for medical expenses tax-free. Allows pretax savings for eligible medical expenses as well as deductibles , prescriptions, vision, and dental care
• No “use it or lose it” rules apply. Savings can accumulate and roll forward year after year on a tax deferred basis. Even if you change jobs, the money stays with you.
• Potential to build additional retirement savings. Once you’re over 65 and enrolled in Medicare, you can no longer contribute to an HSA but you can still use the money in your account for any purpose without penalty (may be subject to income tax if not used for qualified medical expenses).

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