An HSA puts healthcare
savings in your hands.
For both employers and employees, an HSA program is a smart, tax-advantaged way to deal with escalating health insurance costs. Our health savings accounts give you everything you need for successful HSA savings – including choice, flexibility and tax advantages.
For employers, the addition of an HSA program lowers the employee burden of high-deductible health plans. Using iAB as your HSA partner gives you the convenience of direct deposit and online tracking, with local decision-making and one-on-one support.
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.
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.
Contact us today with any questions!
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.
|Annual Deductibles for 2017*|
|Contribution Limits for 2017|
* subject to cost of living adjustments