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What is an HSA?
Health Savings Accounts (HSAs) are available to help customers control the costs of healthcare. You can make tax-free contributions to an account to pay for medical expenses, up to the full amount of your deductible. Because of the tax advantages, it has been referred to as a medical IRA (Individual Retirement Account).
The difference with an HSA is that you can access your funds at anytime. The tax advantages of an HSA include federal tax deductions for contributions, tax deferred earnings and tax-free withdrawals for qualifying expenses* (Wisconsin currently does not allow for any tax benefits).
The other great benefit of an HSA is that the funds can be rolled from year-to-year. If you do not spend all your money in the current year, you can keep them in your HSA for as long as you own the account – and the earnings stay tax-deferred.
Setting up an HSA is easy!
Once you have determined that you are eligible to open an HSA (you must be enrolled in a qualifying high deductible health plan) you just need to see one of First National Bank- Fox Valley Personal Bankers. Starting an HSA is similar to opening a checking account. We even provide you with checks and a debit card for easy access to your funds.
We recommend you consult a health plan provider and tax advisor for details on HSAs including qualified contributions, distributions and tax implications.
Click here to receive more information: personalbanking@fnbfoxvalley.com
