Community Bank of the South is pleased to offer the Health Savings Account - a significant tool helping you to save and pay for your health care needs.
As health care costs continue to reach record highs, a HSA/Health Savings Accounts enables you to save for current and future medical expenses not covered by your present healthcare plan.
A Health Savings Account (HSA) is a savings account that allows individuals to pay for qualified out-of-pocket medical expenses using tax-free dollars. Unlike more traditional health care accounts, the funds in an HSA belong to the individual, not the employer or the health insurance company, and travel with the individual as they switch jobs, employers and health insurance companies.
Health Savings Accounts (HSAs) are wonderful alternatives to traditional health insurance by offering you a different way to pay for health care. With an HSA, you can pay for current health expenses and save for future qualified medical and retiree health expenses on a tax-free basis.
You must be covered by a High Deductible Health Plan (HDHP) to be able to take advantage of HSAs. An HDHP generally costs less than what traditional health care coverage costs, so the money that you save on insurance can be put into an HSA.
You own and control the money in your HSA, so decisions on how to spend the money are made by you without relying on a third party or a health insurer. Plus, you will also decide what types of investments to make with your money in order to make it grow.
Are You Eligible to Have an HSA?
Any adult can contribute to an HSA if they:
- Have coverage under an HSA-qualified "high deductible health plan" - (HDHP.)
- Are not covered by any other health plan that is not an HDHP (with exceptions for plans providing certain limited types of coverage.)
- Are not yet enrolled in Medicare (generally, has not yet reached 65.)
- Cannot be claimed as a dependent on someone else's tax return.
For additional information on the Health Savings Account, please contact a Community Bank of the South Associate. Our dedicated team will be happy to assist you in establishing an HSA with Community Bank of the South and answer your questions.
HIGH DEDUCTIBLE HEALTH PLANS AND EXPENSES RELATED TO COVID-19
IRS Notice 2020-15