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Health Savings Account (HSA)
An HSA is an account that you can invest dollars in to save for future medical expenses in conjunction with a High-Deductible Health Plan (HDHP). This account is tax-exempt and was established for the purpose of paying medical expenses. Contact your employer or insurance agent to see if you qualify for a HSA and inform your tax preparer of your participation.
Some benefits of owning a HSA
- Tax Savings: Deductibility, earn tax-free interest, and tax-free withdrawals on qualified expenses.
- Control: You decide how much to save and when to spend the funds which carry over from year to year.
- Flexibility: You decide whether to pay for current medical expenses or save the money for future medical expenses.
- Security: Participating in an HSA can help better prepare you against high or unexpected medical bills.
- Long-Term Savings: Accumulation of funds may be used at retirement at age 65.
Maximum contribution for 2011
- $3,050 (individual coverage)
- $6,150 (family coverage)
Maximum contribution for 2012
- $3,100 (individual coverage)
- $6,250 (family coverage)
Randall-Story State Bank Account Features
- Free Debit Card
- Minimum Opening Balance $100
- $25.00 Annual Fee
- No Monthly Maintenance Fee
- Free Online Statements
For more information, please contact us at 515.733.4396 or info@RandallStory.com.
Further information can be obtained at www.irs.gov.
