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Wednesday, November 14, 2018

Health Savings Accounts

The Health Savings Account combines a qualified High Deductable Health Plan (HDHP) with a Health Savings Account (HSA)

The qualified HDHP provides comprehensive coverage for serious illness and injury at a more affordable rate. The HSA is a tax-exempt account in which you accumulate savings to pay for minor and routine medical expenses that make up your deductable and are not covered by your plan. An HSA allows you to enjoy unique tax benefits and affordable health premiums without risking your protection. HSAs offer a way to set aside funds to pay for medical expenses for today and tomorrow.

All depositors are insured by the FDIC to at least $250,000.

Tax Savings

  • The HSA grows tax deferred
  • Contributions reduce taxable income & funds used for qualified medical expenses are never taxed
  • At age 65 you can withdraw funds for any non-medical purpose at ordinary tax rates

Take control of your Health and Money. Start saving today.

Am I eligible for an HSA?

You can contribute to an HSA if you:

  • Are covered by a high deductible health plan (HDHP)
  • Are not covered by other health insurance
  • Are not enrolled in Medicare
  • Cannot be claimed as a dependent on someone else's tax return

Children cannot establish their own HSA. Spouses can establish their own HSA, if eligible.

Eligibility requirements are based on IRS guidelines. If you are unsure if you qualify for an HSA, please consult your tax advisor and health plan administrator for eligibility.

Collegiate Peaks Bank gives you the tools and resources to manage your HSA

  • CPB Online banking to manage your account
  • You earn a competitive interest rate
  • We have an HSA expert to answer your questions

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