Health Savings Accounts
Helping You Save for Medical Expenses
If you have a high-deductible health insurance policy, you're likely facing significant out-of-pocket payments for medical expenses. A Health Savings Account (HSA) from Sturgis Bank supports your health coverage.
HSAs: What You Need to Know
You control your HSA. You're able to withdraw your HSA funds at any time to pay for qualified medical care expenses that aren't reimbursed by your health insurance company. Out-of-pocket medical expenses include deductibles, coinsurance, and copayments, as well as non-traditional treatments (Refer to IRS Publication 502 for a complete list of qualified medical expenses).
HSAs offer tax benefits. Health Savings Account deposits are tax-free in most states, meaning you could pay lower income taxes. After opening an HSA, you and/or your employer can make deposits up to your annual individual or family contribution limits. When you contribute to the account, you don't have to pay federal income tax on those funds. If your employer contributes to your HSA, the money is not taxable income. Check with your tax advisor for additional details.
Open your Health Savings Account at Sturgis Bank
Features of the Health Savings Accounts at Sturgis Bank include the following: