If you have a high deductible health plan (HDHP), you may be eligible for an Health Savings Account (HSA) and the valuable benefits it offers!
1. Tax free distributions (if qualified)
2. Tax-deferred earnings
3. Tax deduction
4. Balance carried over from year to year
5. Accessibility to HSA assets
6 Yours wherever you go
7. Control of contributions and investments
8. Additional sources of retirement income
9. Lower insurance premiums on HDHP
10. Easy to use
Frequently Asked Questions
Q: Do HSA balances carry over each year?
A: Yes! Your HSA balances remain with your regardless of your employment status or healthcare coverage in the future!
Q: What's types of expense qualify?
A: Expenses generally include most medical, dental, and vision care expenses. Some health insurance premiums may also be considered eligible expenses.
Q: Can I ever use my HSA for non-medical expenses?
A: After the age of 65 you may withdraw funds and use them for ANY purpose, subject to your tax rate at this time. Withdrawals for non-medical expenses prior to age 65 are subject to an additional 20% IRS penalty tax, except for death or disability.
Q. How are contribution limits determined?
A: Contribution limits are determined by the IRS and subject to change each year. Check with your health insurance provider and/or tax advisor for eligibility requirements and details.
A Star Bank HSA expert is ready to help you get started today.
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