Health Savings Account
With the soaring cost of health
care a Health Savings Account (HSA) helps you reduce your
costs while offering a comprehensive health plan.
At Anson Bank & Trust, we want to give you every opportunity to reduce
your costs and thrive in the community. A Health Savings
Account (HSA) can help you do just that.
What is an HSA and how does
it work?
An HSA is a savings account that enables you to save money, tax-free, specifically to cover medical expenses. Your 2010 health plan must have a minimum deductible of $1,200 for individuals or $2,400 for families to be eligible for an HSA. Your account is held locally and funds can be withdrawn via a check or debit card. Unused dollars roll over to the next year.
Your HSA is paired with a high-deductible health plan so you can save a significant amount on premiums due to the higher deductible. You can then use your savings to help fund your HSA which in turn offers a tax free option to help pay down your out-of-pocket health expenses. Upon retirement you may re-claim any remaining HSA funds as taxable income.
Annual contributions are limited to your health plan deductible, up to a maximum of $3,050 for individuals and $6,150 for families. Individuals aged 55 or greater and who are new to HSA's have the option to make a $1,000 catch-up contribution. HSA eligibility is restricted to those below the Medicare age of 65.
Type of Coverage |
Rule |
2009 |
2010 |
Individual Coverage |
Max Contribution |
$3,000 |
$3,050 |
|
Min Contribution |
$1,150 |
$1,200 |
Family Coverage |
Max Contribution |
$5,950 |
$6,150 |
|
Min Contribution |
$2,300 |
$2,400 |
Competitive market rates of interest tiered to pay premium interest rates on a higher account balance.
Benefits:
- Unlimited NO FEE In-Network ATM Transactions *
- 2 Free Non-Network ATM Transactions / Statement Cycle *
- Other bank surcharges may apply.
- Competitive market rates of interest
- Tiered to pay premium interest rates on a higher account balance.
- Save a significant amount on health insurance premiums
- Lower taxable income
- Build reserves for future medical expenses or retirement
- Easy access to funds for qualified expenses
- Deposits held locally
- Take control of your healthcare spending
- Detailed
Statement with Imaged Checks
- Combined
Accounts Statement
- Complimentary Telephone Banking
- Complimentary Online Banking
- Complimentary Online Statements
- FDIC Insured
- Monthly Maintenance Fee: $2.25
- No Charge if the minimum daily balance of $3,000 is maintained.
Disclosures:
* Federal regulations require that all banks monitor activity on accounts classified as Savings Accounts. With regards to this regulation, no more than 6 (six) pre-authorized debits are allowed per statement cycle. Pre-authorized debits would include ACH debits, internet transfers, transfers to cover overdrafts, etc. Regulations allow unlimited in-person or ATM withdrawals but bank fees may apply. Please feel free to contact us should you have any questions.
We are committed to delivering quality
products and services and adhering to a high standard of
customer care. Our Account Executives would be happy to
assist you and discuss your savings options.
|
(Equal
Housing Lender)