Health Savings Account
A Health Savings Account (HSA) is a tax-exempt account designed for people enrolled in a High Deductible Health Plan. The account allows you to save for future medical expenses. Funds may be used to pay for qualified medical expenses at any time without federal tax liability for you or your family.
Happy State Bank's Health Savings Account
- $50 Minimum to open the account
- Access your HSA with a Debit Card (No checks are issued on this account.)
- Interest is paid monthly (Rate is subject to change)
- Just as any other account, you can check your balance through online banking, bank by phone, text banking and email or paper monthly statements
- Must be convered by a High Deductible Health Plan (HDHP) as defined by the Internal Revenue Service
- You can not be covered under any other type of health plan that is not a HDHP
- You are not enrolled in Medicare Benefits, and
- You are not claimed as a dependant on another individual's tax return
- For a reference list of qualified medical and dental expenses, go to www.irs.gov
- Balances carry over from year to year
- The deadline for contributions to an HSA is generally April 15th following the year for which the contributions are made
For detailed or specific tax advice, please seek the services of a tax professional.