Health Savings Accounts
As the high cost of health insurance continues to grow, many consumers are choosing plans with higher deductibles. This can be challenging for individuals to manage. To help save for medical expenses, Iowa State Bank offers health savings accounts. Health Savings Accounts (HSAs) are savings accounts used to pay qualified medical expenses for an individual or family.
HSA eligibility requirements include:
- Health insurance coverage with a high deductible
- No additional health plan with a lower deductible
- Not enrolled in Medicare (or generally, younger than age 65)
- Not a claimed dependent
For 2015, eligible account holders can generally save as much as $3,350 for an individual and $6,650 for a family on an annual basis. For 2016, eligible account holders can generally save as much as $3,350 for an individual and $6,750 for a family on an annual basis.
Account owners pay their own expenses with checks that we provide.