Health Savings Account
If you have a high deductible health insurance plan, you could quality for a Health Savings Account (HSA). HSA's are designed to help individuals and families save for qualified medical expenses on a tax-free basis.
HSA's work like an IRA for healthcare. Contributions and interest are tax free.
Despite being called a savings account an HSA is technically a checking account that earns interest.
- Save Money: Contributions can be tax-deductible. Distributions are tax-free if being used for qualified medical expenses.
- Earn Money: Offers competitive interest rates.
For further details and to see if you qualify for an HSA, contact the NebraskaLand National Bank location nearest you.
What is a Health Savings Account?
An HSA is money put in an account owned by an individual to pay for future qualified medical expenses.
How does an HSA work?
An HSA works like an IRA, except the money is used to pay for qualified health care costs. Money deposited to the account is tax deductible and is used to pay for current and future qualified medical expenses. Interest earned is tax deferred. Unused balances rollover from year to year.
Who can qualify?
Anyone with a high deductible health insurance plan is eligible for an HSA provided they are not covered by another health insurance plan, entitled to Medicare or can’t be claimed as a dependent on someone else's tax return.
For more information or to set up an HSA account, please contact a Personal Banker at any NebraskaLand National Bank location.