A Health Savings Account (HSA) is an account that you can put money into to save for future medical expenses. There are certain advantages to putting money into these accounts, including favorable tax treatment. HSAs were signed into law by President Bush on December 8, 2003.
Health Savings Account Requirements: Any adult can contribute to an HSA if they meet the following requirements:
- Have health insurance coverage under an HSA-qualified “High Deductible Health Plan” (HDHP)
- Have no other first-dollar medical coverage (other types of insurance like specific injury insurance or accident, disability, dental care, vision care or long term care are permitted).
- Are not enrolled in Medicare.
- Cannot be claimed as a dependent on someone else’s tax return.
Security Bank Health Savings Account:
- Tiered Rate Checking Account
- Single Party Account with Authorized Signors Allowed
- Free Visa Check Card
- Free Internet Banking
- $25 Annual Maintenance Charge
- IRS Form 1099-SA: For Distributions issued by January 31 of the following year.
- IRS Form 5498 SA: For Contributions issued by May 31 of the following year.
- Current Rates