A Tax Advantage to Offset Health Care Expenses
Health Savings Accounts, or HSAs, are a tax-advantaged account created for individuals who are covered under high-deductible health plans (HDHPs) to help them save for medical expenses that are not covered under their insurance. Contributions to this account are limited to a maximum amount each year, and can be used to pay for qualified medical expenses, including dental, vision, and prescription drugs.
Your HSA can accumulate and grow for future medical expenses, qualified long-term care services, or retirement. HSAs allow for tax-deductible contributions and distributions are also tax-free as lon for qualified medical expenses.
You are HSA-eligible individual for any month if you:
- Are covered under a high deductible health plan on the first day of such month;
- Are not also covered by any other health plan that is not a high deductible health plan (with limited exceptions);
- Are not enrolled for benefits under Medicare (generally not yet age 65);
- Are not able to be claimed as a dependent on another person's tax return.
Health Savings Accounts are subject to certain conditions:
- $100 minimum deposit to open account
- $25 set-up fee – includes EWSB VISA Check Card (Debit Card) and your first box of East Wisconsin style duplicate checks
- No monthly maintenance fees when you maintain a balance of $200 or more.
Accounts with lower balances are charged $3/month plus $0.15 per transaction.
- Earn interest when you maintain a balance of $500 or more
We welcome the opportunity to serve you with a Health Savings Account that can provide peace of mind and significant tax benefits. East Wisconsin's HSA truly fits our desire to help members build a Wonderful Life. For more information about opening an HSA, call or stop by any of our six convenient locations, or use our contact us page.
Fees could reduce earnings