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What
is a Health Savings Account (HSA)?
A Tax Exempt Custodial account used for the purpose of paying qualified
medical expenses for customers who are enrolled in a high-deductible health
care plan (HDHP).
Who is
eligible to participate?
Generally,
any individual is eligible for any month if you:
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-Are
covered under an HDHP on the first day of such month.
-Are
not also covered by any other health plan that is not an HDHP (with
limited exceptions)
-Are
not enrolled for benefits under Medicare (generally not yet age
65)
-Are
not able to be claimed as a dependent on another person’s tax
return.
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Health
Savings Account Benefits
-Federal
tax deductible deposits
-Tax-free withdrawals, when used for allowable medical expenses
-Deposits can be made by employee or employer
-Employer contributions are always excluded from any employees' income
(pre-tax)
-Employee owns the account
-Interest bearing account with high interest rates
-Debit
card available for convenient access
-Internet
banking with Bill Pay available
-Minimum
deposit to open
-Multiple funding options available
-Knowledgeable & experienced staff |
For more
information, visit the U.S. Treasury HSA Web site at: www.hsainsider.com
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