Looking for a little something extra when it comes to your health insurance? A health savings account (HSA) from Union State Bank allows you to save for future medical expenses, as well as provides favorable tax incentives.
As an adult, you can have an HSA, provided all of the following are true:
- Are covered by and HSA-qualified high deductible health plan (HDHP)
- Have no other first-dollar medical coverage
- Aren't enrolled in Medicare
- Aren't claimed as a dependent on someone else’s tax return
Contributions to an HSA can be made by you, your employer or both, though there is an annual limit (2017: $3,400 for self-coverage, and $ 6,750 for family plans, plus a $1,000 catch-up contribution for those age 55 and older). Any contributions made by you are deductible on your federal tax return.
As the only provider of HSAs in the area, Union State Bank can provide you with the access and knowledge to take full advantage of the benefits of this account. To open a health savings account, simply call or come by our location in Greenfield.