Save Specifically for Health Care Costs
From planned check-ups and screenings to emergency and long-term care, these vital services can hit your wallet hard. Our Health Savings Account (HSA) will help you meet your deductible and/or out-of-pocket maximum expenses.
Qualifications for Using an HSA
There are a few eligibility requirements for health savings accounts:
- You must be covered by a high deductible health plan.
- You cannot also be covered by a health plan with a lower deductible.
- You cannot be enrolled in Medicare (or generally, younger than age 65).
- You cannot be a dependent claimed by someone else.
Benefits of HSAs
- Tax benefits may apply (please consult your tax advisor for more information)
- Balances rollover from year to year – no “use it or lose it” scenarios
- Employers may also make contributions (check with your employer’s human resource personnel)
- Payments are made through checks provided by Iowa State Bank
For 2018, eligible account holders can generally save as much as $3,450 for an individual and $6,900 for a family on an annual basis.
For 2019, eligible account holders can generally save as much as $3,500 for an individual and $7,000 for a family on an annual basis.
For more information on health savings accounts and how they can help you, call or stop by Iowa State Bank today!