Health Savings Account (HSA)
An HSA is an account designed to help you save specifically for health care costs.
Account Requirements
- Must have a qualifying HDHP (High Deductible Health Plan) to open
- Not be enrolled in Medicare
- No other medical coverage
- Not claimed as a dependent on someone else’s tax return
Beneficiary Info to Bring
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Beneficiary Information to Bring:
Their Full Name
Their Address
Their Birth Date
Their Social Security Number
Their Relationship to Owner
Frequently Asked Questions
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Are my expenses qualified?
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Please consult your tax advisor to see if a HSA is good option for you.
Individual Retirement Accounts (IRA)
Beneficiary Info to Bring
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Traditional IRA
- Defers taxes on earnings until withdrawn
- Certain contributions are tax deductible for the tax year for which they are made
- Required minimum distributions begin at age 72
ROTH IRA
- Non-deductible contributions
- Certain distributions are tax free after a 5 year holding period.
- No required minimum distributions
Personal bankers will need to know what year contributions are for, the amount, and what type of IRA you would like to open.
Please consult your tax advisor for advice.
Learning Resources
Health Savings Account
Article
If you have a high-deductible plan, you can allocate tax-free income toward your health with a health savings account.
How to Make the Most
of your HSA or FSA
Learn the difference between a HSA and FSA, and predict your health care costs.
Financial Wellness
Assessment
Use the Financial Wellness Assessment to discover your personal finance strengths and weaknesses.
