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Health Savings Accounts-
Health Savings Accounts, or HSAs, were created by Congress as a tax advantage to offset health care expenses. Simply stated, a Health Savings Account allows you or your employer to contribute pre-tax money to pay for medical expenses.
- $5.00 Monthly fee (Waived for the first six months)
- Visa Debit Card $1.00 per month or $12.00 per year
What are the benefits of a Health Savings Account?HSA contributions – by employer or employee – are excluded from income tax.HSA earnings are tax deferred.When used for qualified medical expenses, HSA assets are never taxed.Unused HSA assets may be used for retirement purposes; subject to a 10% penalty until the account beneficiary turns 65.Upon death, HSA assets become the property of a named death beneficiary or the HSA account beneficiary’s estate. A spouse may treat the assets as their own HSA.
Who is eligible?- Individuals covered under a high deductible health plan – whether self-employed or employed by a small employer, and regardless of whether the employer maintains the health plan.
- Individuals not enrolled in Medicare (generally under age 65) and not claimed as a dependent on another person’s tax return.
Did you know?FirsTier Bank can set up HSAs for you – call our bankers at 303-926-9000 for more information.
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