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Pam Bagley
Assistant Branch Manager
Bear Lake
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A better way to save for healthcare
An Honor State Bank Health Savings Account (HSA) allows you to put money aside to pay for current and future qualified medical expenses. Contributions are 100% tax-deductible, earnings are tax-deferred and distributions to pay for eligible medical expenses are tax-free.
Here’s how it works
To open and contribute to an HSA, you must be under 65 years of age and have coverage under an HSA-qualified “high deductible health plan” (HDHP). Through the year, if you have a medical expense that is not covered by your HDHP, you can pay for it out of your HSA account.
Deposits can be made at any time throughout the year, in a lump sum or through a payroll deduction plan with pre-tax or after-tax dollars. You can access the funds in your account by check or an Honor State Bank HSA Debit Card.
It’s your money
There are annual limits on the amount of money you can contribute to your HSA. However, the annual contributions belong to you and there is no spending deadline. Any money remaining in your HSA at the end of the year will roll over to be used for medical expenses at a later time or during retirement, earning tax-deferred interest.
Making saving easy
• No set-up fee
• Five tiers of interest available depending on your balance
• An Honor State Bank HSA Debit Card to access your funds for payment
• Monthly receipt of an HSA statement listing your deposits, withdrawals and interest earned
Open an account today
If you have questions or wish to open an HSA account, contact us, call or visit any of our offices. Helping you to save for healthcare is one more reason why you should know an Honor State Banker.
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