Health Savings Account
A Health Savings Account (HSA) works in conjunction with a high-deductible health plan (HDHP) to help lower your health care costs. It’s a tax-advantaged account that can be used to pay qualified medical expenses for yourself and your family. Your HSA is also an excellent way to save for retirement as any unused money in your account continues to grow tax-free, year after year and can be withdrawn without tax penalty after age 65.
Some of the benefits of a Health Savings Account:
- Freedom of choice and more control over your health care dollars
- Tax deductible contributions
- Employer pre-tax contributions via Sec. 125 cafeteria plan
- Tax free withdrawals for qualified medical expenses
- Long-term savings
- Interest earnings
- Stays with you – fully portable
- No “use it or lose it” provisions
- Funds can be used for yourself and family members
An HSA works just like a regular checking account. You can either write a check or use your debit card to pay for qualified medical expenses. Statements can be mailed or viewed online free of charge. And you’ll receive annual tax reports on your contributions and withdrawals. Best of all, you’ll receive local service and expertise to help you get the most from your account.
Your account features:
- No Setup Fees
- No minimum opening balance required with direct deposit setup
- Low $2.50 Monthly Service fee for balances under $3,000
- No Fee Debit Card
- Free Internet Banking and online bill payment access
- Monthly statements
- Competitive interest paid quarterly
- Year-End Reporting
- Employer on-site enrollment meetings to streamline application process
- CD investment options for balances over $3,000*
*Must maintain adequate balance in money market account to cover any future medical expenses.
If you are an employer and are thinking about starting a HSA eligible plan for your employees, give us a call at 502-625-2449. We’ve partnered with insurance brokers and employers since the inception of HSAs and are experts at helping you and your employees understand and get the most from their HSA. We specialize in on-site employee education meetings and follow-up. Consult your insurance provider for eligibility.
Our Health Savings Account 2016/17 Fact Sheet provides additional information.
If you are an employer and would like additional information,
please contact our HSA Department at (502) 625-2449.
To start the application process for opening your Health Savings Account:
Health Savings Account Application
Please note: all completed, signed applications must be mailed or brought to a SYB branch office to complete account opening.
*Consult IRS notice 2004-50, or or your insurance provider for full details on the Health Savings Account. It is the responsibility of the account holder to determine HSA eligibility of insurance plan prior to establishing HSA account. Qualification of contributions and distributions are the liability of the account holder.
**Individuals over 65 and not enrolled in Medicare may be eligible to contribute.
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