HSA - Health Savings Accounts

Health Savings Accounts (HSA)

If you have a high deductible health plan (HDHP), you may be eligible for an HSA and the valuable benefits it offers!


Top ten reasons to start and HSA
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.
Give us a call, send us a message, or stop by one of our offices.