Health Savings Accounts
Do you have the funds to cover an unexpected medical bill? Can you cover the costs of routine healthcare before you deductible kicks in? If the answer to either of these questions is "no", then consider opening a Health Savings Account (HSA) with Sanborn Savings Bank today. Our accounts let you manage today's growing healthcare expenses while helping you build a financial cushion for tomorrow. Contact our team today for more information and to open your account.
Benefits
Contributions (up to the maximum contribution limit) are tax deductible.
- Interest earned in an HSA grows tax-free.
- Distributions are not taxable as long as they are used to pay for qualified medical expenses.
- An HSA is portable. If the individual changes jobs, the HSA goes with the individual.
- There is no “use it or lose it” rule. Money invested in an HSA carries over from year to year.
Key Features
Unlimited deposits (up to the maximum contribution limit).
- Free Checks
- Earns interest.*
- No monthly service charge.
Eligibility Requirements
In order to be eligible for an HSA account, the account holder must:
- Be covered under a qualified high-deductible health plan.
- Not be covered under another type of health plan, enrolled in Medicare or be claimed as a dependent on another person’s tax return.
*Variable Rate – Rate may change at any time. No minimum balance is required to open account.