Health Savings Accounts Are Changing the Way People
Insure Their Health
HSAs may be ideal for:
- Persons interested in more control over how their health care dollars are spent.
- Families interested in one annual deductible per family.
- Those interested in trading low deductible health insurances for a higher deductible plan to save money on premiums
- An opportunity to earn interest on your savings and choices about how to apply those savings to your health needs.
To Qualify to Make Contributions to an HSA, the HSA Account Holder:
- Is covered by a qualified High Deductible Health Plan (HDHP).
- Is not covered by any other health plan that is not an HDHP.
- Is not eligible for Medicare, or if eligible for Medicare, has not applied for
Medicare benefits. - Cannot be claimed as a dependent on someone else’s tax return.
Get More Control of Your Healthcare Dollars
- It is your money! It is an account that is specifically dedicated to your health expenses. It is designed to work in conjunction with a qualified high deductible health insurance plan. Upon the death of an HSA owner, the HSA goes to the surviving spouse if the spouse was named as a beneficiary. If there is no named beneficiary, the money goes to the estate and can be considered income for tax reasons in that year.
- HSAs are portable. People can take their HSAs with them when they leave their jobs, change medical coverage, become unemployed, move to another state or change marital status. HSAs are somewhat like IRAs in that they are owned by the individual, not the employer.
Get the Maximum Value on Your Healthcare Dollars Because:
- You will lower your health insurance premium by switching to a high deductible plan.
- Funds can be used for other qualified medical expenses like dental, therapy, vision, prescriptions, etc.
- Funds may also be saved in the account for future medical needs.
- Unused account balances accumulate from year-to-year without restrictions.
- Account deposits are tax deductible and interest is tax-deferred.
HSA Checking Account Features
- Checks Available
- HSA Check Card Available
- Free Online Banking and Bill Pay
- Free eStatements
- CD Option: After the Granite HSA checking balance reaches $5,500.00, a minimum of $500.00 may be moved to an HSA CD. Leave $5,000.00 in checking. (CD terms and conditions apply.)
Contact any Bank of Granite office so we may help you determine if a Health Savings Account is right for you.
