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What is an HSA?
Health Savings accounts are a great way to save for Health Care expenses and take advantage of tax savings! A Health Savings Account is a trust or custodial account you use to pay qualified medical expenses incurred by the HSA Owner, HSA owner’s spouse and dependents. Contributions are tax deductible, earnings grow tax deferred, and if used for qualified medical expenses, distributions are tax free.
- HSAs may be used to pay for current medical expenses or save for later to cover future medical expenses.
- HSAs may be used as a retirement planning tool to cover medical expenses and premiums during retirement.
- HSAs are not use it or lose it accounts, HSA funds remain in the account from year-to-year.
- HSA funds belong to you, even if you change employers, change health insurance or enroll in Medicare.
To be eligible for an HSA, the following requirements must be met:
- You are covered under a high-deductible health plan (HDHP)
- You do not have coverage under another non high-deductible health plan
- You are not enrolled in Medicare (generally age 65 and older)
- You are not eligible to be claimed as a dependent on another individual’s tax return
Northview Bank’s HSA Account details:
- Minimum amount to open: $25.00
- Contributions limited to IRS regulation
Please consult your tax advisor for guidance on and usage of a Health Savings Account.
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