EFFECTIVE MAY 11, 2018, Federal law requires all financial institutions to obtain, verify and record information that identifies the beneficial owners of all legal entity customers (subject to certain exclusions and exemptions) at the time a new account is opened, or an existing account renews. This incudes Checking Accounts, Savings Accounts, Certificates of Deposits, Safe Deposit Boxes, and Loans.
A Health Savings Account is a tax-exempt trust or custodial account established for the purpose of paying medical expenses in conjunction with a high-deductible health care plan.
You are eligible for a regular HSA contribution if, with respect to any month, you:
If you are eligible, you can establish an HSA in much the same way you would establish an IRA - with a qualified trustee or custodian. Each year, you are responsible for determining your allowable annual HSA contribution and whether you have qualified medical expenses eligible for reimbursement with nontaxable HSA distributions.
|Minimum Balance to Open||$50.00|
|Yearly Annual Fee||$25.00|
You must maintain minimum daily balance of $500.00 to be paid accrued interest.
|Interest Rate Tiers apply for this account:|
|$0.00 - $499.99||None|
|$500.00 - $4,999.99||Posted Rate|
|$5,000.00 and over||Posted Rate|
If you meet the eligibility requirements for an HSA, you, your employer, your family members and any other person (including nonindividuals) may contribute to your HSA. This is true whether you are self-employed or unemployed.
Health Coverage Benefits: Savings can be used for any qualified medical expenses - even those not typically covered by your plans.
Tax-Benefits: Contributions to the HSA are 100% tax deductible.
Benefits Carry Forward: Unused savings, or earning, can be used in future years.
Check with your insurance agent, or tax preparer, for details on qualified HSA Plans.
To establish your Health Savings Account, just come in and talk with us!