High deductible health plans and medical expenses require forethought to avoid a big hit to the budget should medical needs arise. Plan ahead and start saving now with a health savings account at Premier Bank.
Set aside funds in an HSA and earn interest tax free on your balance. You can easily access funds to pay for your medical bills, prescription medication, and other eligible expenses. It's a smart investment in your health!
- No setup or annual fees
- No minimum balance to open
- Contributions are tax free*
- Interest grows tax free
- Withdrawals are tax free when used for qualified medical expenses**
- Money rolls over year-to-year automatically
- HSA is owned by you, not your employer
- Easy withdrawal access by check, debit, online, teller
*If contributions are made after income was taxed, the amount deposited is tax deductible.
**Withdrawals for non-qualified medical expenses are subject to income tax and a 10% penalty. The 10% penalty is waived for persons 65 and over or who have become disabled.
- There are no income requirements or limitations
- Must be covered under a qualified, high deductible health plan
- Must not have coverage by another type of health plan
- Cannot be claimed as a dependent on another person's tax return
- Cannot be enrolled in Medicare
CONTRIBUTION LIMITSContribution limits are set by the IRS. Current 2016 contribution limits are:
- Single Plan HSA: $3,350 if under the age of 55.
- Family Plan HSA: $6,750 if under the age of 55.
- Individuals aged 55 and over may contribute an additional $1,000 above the maximum for each tax year.