Employee Benefit Products - iAB Financial Bank

Health Saving Accounts (HSA)

Healthcare savings in your hands. Looking for a way to deal with escalating health insurance costs for employees? Consider health savings accounts (HSA), a smart alternative for high-deductible health plans.

A Health Savings Account (HSA) gives you and your employees flexible, responsive healthcare insurance while lowering premiums and tax costs. An HSA from iAB Financial Bank gives you all of that plus the power of local decision making and the convenience of direct deposit, and online tracking.

With iAB's Health Savings Account services, you'll find everything you need for a successful HSA program - complete with choice, flexibility, and tax advantages.

iAB Financial Bank is not responsible for unqualified distributions made by the owner or any excess contributions. This web site is intended to provide general information about HSAs. It's not intended to provide legal advice or detailed explanations of the rules or how the rules apply to individual circumstances. For specific information, consult your tax or legal professional, or visit the IRS's web site at www.irs.gov.

Enroll

Eligibility

You are eligible to make or receive an HSA regular contribution if:

You are covered under a high-deductible health plan (HDHP) on the first day of any month
You are not covered under another type of health plan that is not an HDHP (with certain exceptions for plans providing certain limited types of coverage)
You are not entitled to benefits under Medicare (generally, have not attained age 65)
You may not be claimed as a dependent on another individual's tax return

HSA Benefits

The Federal government offers tax benefits for an HSA. They include:

Contributions are fully deductible.
Earnings grow tax deferred.
Distributions for qualified medical expenses are tax free.

Eligible Expenses

Use this link to receive a complete listing of eligible HSA expenses. www.irs.gov/publications/p502/ar02.html#d0e633

Contact Us

For more information regarding iAB Financial Bank's HSA, please contact Deb Gamby at deb.gamby@iabfinancial.com or call (260) 422-2265 or (855) 422-2264.