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Health Savings Accounts

A Health Savings Account (HSA) is an alternative to traditional health insurance; it is a savings product that offers a different way for consumers to pay for their health care.  HSA’s enable you to pay for current health expenses and save for future qualified medical and retiree health expenses on a tax-free basis.

Benefits:

  • Allowing contributions that are not used for current medical expenses to be carried over subsequent years and used tax-free for future medical or retirement health expenses.
  • Create an additional source of taxable retirement income if HSA assets are not used for qualified health care expenses.
  • Providing asset portability so individuals can take their HSA wherever they go.
  • Offer a lower priced health care option, if the individual shares the cost of health insurance with their employer

 Eligibility:

  • Anyone covered under a High Deductible Health Plan (HDHP) on the first day of the month in which the HSA is established.
  • Not covered by any health plan that is not a HDHP.
  • Not enrolled in Medicare.
  • Not eligible to be claimed as a dependent on another individual’s tax return.

 If you have any questions regarding health savings accounts, please consult with a Financial Service Representative at your local Bank of Sullivan branch.