Do you have a high deductible health plan? You may qualify for a Health Savings Account (HSA).
You are eligible if you are:
- Covered by an HSA-eligible High Deductible Health Plan (HDHP)
- Not covered by other health insurance
- Not enrolled in Medicare
- Not claimed as a dependent on another’s tax return
What are the benefits of an HSA?
- Funds can be used tax and penalty-free to pay for IRS-qualified medical expenses*
- Generally, funds can be used by you, your spouse or dependents for IRS-qualified medical expenses even if they are not covered under your health plan*
- Contributions may be tax deductible*
- Earnings may be tax-exempt*
- Money saved carries over from year to year
- After age 65, HSA funds may be used for any purpose without a penalty, taxes may apply*
Where can I use my HSA funds?
- Qualified medical expenses**
- Funds generally can be used on most medical, dental, and vision care expenses that are incurred by either you, your spouse, or any covered dependents**
Stop in any HomeTown Bank branch today to see if you qualify for a Health Savings Account (HSA) plan! Looking further at your finances and want a checking or savings account? Check out our great options of personal and business accounts!
* Consult with a tax adviser regarding your specific HSA eligibility.
** See a HomeTown Bank representative or IRS Publication 969 for a list of qualified medical expenses.
