A Health Savings Account (HSA) at First Commercial Bank is a great way to help you take control of your healthcare dollars and save money for when you need it most. An HSA at First Commercial Bank is a tax-sheltered account that you own for the purpose of paying qualified medical expenses for yourself, your spouse, or your dependents.
If your company is already using a Qualified High Deductible Health Plan (HDHP), you and your employees may be eligible to open an HSA Account today and start saving money. In addition to the lower insurance premium typically realized with a HDHP, an HSA provides tax savings three ways:
First Commercial Bank’s HSA partner is ConnectYourCare, the leader in HSA administration. ConnectYourCare has created a series of Wellness Tools to help our customers save even more money by making informed decisions and using healthcare dollars wisely.
Unlike a Flexible Spending Account (FSA), any HSA funds not used in one calendar year are carried over to subsequent years; they are not lost if not used. Balances are accumulated from one year to the next. As long as you use those funds to pay qualified medical expenses, you will not be taxed or penalized. If after age 65 you withdraw funds from your HSA for any other non-medical reasons, you will be subject to income tax at that time. Early withdrawals for non-qualified medical expenses are subject to income tax and a 10% penalty.