Health Savings Accounts – Altoona, PA & Duncansville, PA
from Investment Savings Bank
Uses:
A HSA gives working individuals a tax-sheltered way to save for medical expenses.
Availability:
- Any individual that is covered under a High Deductible Health Plan (Minimum Annual Deductible of at least $1,350 and a $6,750 cap on out of pocket expenses – single coverage; Minimum Annual Deductible of at least $2,700 and a $13,500 cap on out of pocket expenses – family coverage).
- Not be covered under any other health plan that is not part of the High Deductible Health Plan.
- Not be enrolled in Medicare.
- Not claimed as a dependent on another person’s tax return.
Benefits:
- You may be able to claim a tax deduction for contributions you, or someone other than your employer, make to your HSA even if you do not itemize your deductions on Form 1040.
- The contributions remain in your account from year to year until you use them.
- The interest or other earnings on the assets in the account are generally tax free.
- Distributions may be tax free if you pay qualified medical expenses.
- An HSA is “portable” so it stays with you if you change employers or leave the work force.
Minimum Investment:
$25.00
Maximum Investment:
– $3,500 annually for self coverage (under age 55); $7,000 annually for family coverage (under age 55).
– No limit on amounts transferred or rolled-over from existing HSA.
– Plus (+) Additional “Catch-Up” contributions are available to individuals 55 years or older.
Account Type:
Variable Rate Account.
Frequency of Rate Changes:
We may change the interest rate on your account at any time.
Access to Account:
- Funds for medical expenses may be written by any of the following;
- Writing a check
- ACH Debits (example: Insurance Premiums)
Insurance:
All funds are insured up to $250,000 by the FDIC.
Health Savings Accounts (HSA)
| Account | Minimum Balance to Obtain APY | Interest Rate | Annual Percentage Yield | Disclosure |
|---|---|---|---|---|
| Health Savings | $0.01 | *0.15% | *0.15% | Click |
*The rate may change after the account is opened.
Penalty for Early Withdrawal if under 59 1/2 years old.
*** RATES SUBJECT TO CHANGE AT ANYTIME WITHOUT NOTICE ***
