HSA - HEALTH SAVINGS ACCOUNT
Build Tax-Free Savings to Pay For Medical Expenses...
What is a HSA?
A Health Savings Account (HSA) is a versatile savings account that works in conjunction with a High Deductible Health Plan (HDHP).
- HSA's are tax-free, personal investment accounts you can use to pay for qualified medical expenses. You open it and you own it.
- It is fully portable. Whether you change jobs or become self-employed, your account stays with you.
- Make unlimited deposits, or contributions up to the defined limit - so you can deposit one large sum or make smaller monthly deposits that fit within your budget.
- Savings roll over year after year, so your unused funds are available to pay health expenses even during retirement.
- Freedom! Use HSA funds for qualified out-of-pocket expenses at the health provider of your choice.
- Your HSA with Morrill & Janes Bank earns interest and comes with a Visa® Health Savings Check Card for your convenience in paying doctor fees, prescriptions, or other medical expense purchases.
Who is eligible for an HSA?
An eligible individual is anyone who:
- Participates in a high-deductible health plan (HDHP)
- Does not have coverage through an additional health plan that is not an HDHP
- Is not enrolled for Medicare or receiving VA Benefits
- May not be claimed as a dependent on another person's tax return
What is a High-Deductible Health Plan?
This is your health insurance plan. HDHPs usually have lower premiums and higher annual deductibles than traditional health insurance. There is also a limit placed on the total out-of-pocket expenses for an individual or family each year. Individuals must be enrolled in an eligible HDHP before they can open an HSA.
Open an HSA Today!
We offer a Health Savings Account to meet your needs - Residents of Kansas and Missouri can open their account online! Just click on the link below to begin your online application with a $20.00 initial deposit.
Still have questions? Just contact a Morrill & Janes Bank representative at any of our Banking Centers. Or, visit the U.S. Department of the Treasury to learn more about contribution limits, catch-ups, and your responsibilities in managing and reporting your health care expenses.