Health Savings Accounts
Health savings accounts enable you to take control of your own health care decisions. They help you to save money on insurance premiums and on income taxes. Ask a representative for more information on setting up your Health Savings Account.
Health savings accounts provide:
- More affordable health insurance policies
- Tax-deductible deposits
- Tax-deferred growth
- Tax-free distributions
Requirements
No minimum deposit to open.
You must be:
- Covered by qualified high deductible health insurance plan (HDHP)
- Not covered under other health insurance that is not a HDHP
- Not enrolled in Medicare
- Not another person’s dependent
Costs
No fees associated with a Health Savings Account
Benefits
- Contributions remain in your account year after year until you use them
- Contributions are tax-deductible
- Withdrawals to pay for qualified medical expenses are not taxed
- Earnings accumulate tax-deferred, and if used to pay qualified medical expenses, are tax-free
- Unused money in your HSA is yours to keep and continues to grow tax-deferred
- Community Bank offers a HSA debit card to make paying for expenses more convenient
