Health Savings Accounts

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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:

1. You must be covered by a high deductible health plan.
2. You cannot also be covered by a health plan with a lower deductible.
3. You cannot be enrolled in Medicare (or generally, younger than age 65).
4. 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 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 2020, eligible account holders can generally save as much as $3,550 for an individual and $7,100 for a family on an annual basis.

Contributions for account holders age 55 and older vary.

For more information on health savings accounts and how they can help you, call or stop by Iowa State Bank today!