Health Savings Account
Unlock the power of Health Savings Accounts (HSAs) to revolutionize your healthcare finances. Health Savings Accounts are designed to help individuals with high-deductible health plans (HDHPs). They can be used to pay for a wide range of qualified medical expenses, including deductibles, co-payments, prescription medications and certain preventative care. With HSAs you can gain the freedom to save for medical expenses on a tax-advantage basis, build a nest egg for future healthcare needs, and enjoy flexibility in managing your healthcare cost. Explore the benefits of HSAs and how they can empower you to make informed decisions about your health care while maximizing your financial weel-being.
Convenient
Access
● Funds can be directly deposit
● Use funds by using an instant issue debit cards, or a check
● Easily transfer money via online or mobile banking
HSA
Eligibility
● Must be enrolled in a High-Deductible Health Plan (HDHP)
● Cannot be enrolled in Medicare
● Cannot be claimed as a dependent on someone else’s tax return
Qualified
Medical Expenses
● HSAs can be used to pay for a wide range of qualified medical expenses including but not limited to
● deductibles & co-payments
● prescription medications
● Certain preventative care
Portable
Funds
● HSAs are portable, meaning the account stays with you even if you change employers or health plans
● Funds roll over from year to year and accumulate over time, allowing for long-term savings
Balance | Interest Rate | APY** |
|---|---|---|
All Balances | 3.00% | 3.02% |
Health Savings Account
● Contributions to your Iowa Falls State Bank Health Savings Account are tax-deductible, providing a reduction in your taxable income.
● Interest and investment earnings on the HSA funds are tax-free
● Withdrawals for qualified medical expenses are tax-free
● HSAs can be used to pay for a wide range of qualified medical expenses including
● Deductibles
● Co-Payments
● Prescription Medications
● Certain Preventive Care
● Withdrawals for non-qualified medical expenses before age 65 may be subject to a 20% penalty, in addition to regular income tax
● It is important to keep detailed records of medical expneses and HSA transactions to verify proper use of the funds
Identification Required
You will need one of each primary and secondary forms of identification to open a First Time Homebuyers Savings Account at our financial institutions.
● Unexpired Driver’s License bearing the individual’s photograph
● Unexpired Passport bearing the individual’s photograph
● Unexpired State Photo Identification Card
● Current Military Identification Card
● Alien Registration Card
● Certified copy of birth certificate for persons 16 or younger unable to present other acceptable documents and a student ID card
● Social Security Card
● Medicare, Medicaid or other insurance card
● Voter Registration Card
● Property Tax Bill
● Major Credit Card
● Matricula Consular Card (Mexican National ID Card)
Let us help you prepare for a Health Savings Accounts
Protect your financial well-being with Iowa Falls State Bank’s HSA – a simple yet powerful tool designed to secure your health and wealth. Open the door to a prosperous future with an HSA crafted to meet your unique needs at the best local bank in Iowa. Before opening an HSA, it is advisable to carefully review the terms and conditions of the specific plan, including fees, investment options, and any restrictions imposed by the provider. Consulting with a financial advisor or tax professional can also help ensure you are tax-smart and make the most of the tax benefits and savings opportunities associated with an HSA.
2024 HSA Contribution Limits
Limits | Single | Family | Contribution Limit | $4,150 | $8,300 |
|---|---|---|
Catch-up Contribution
(55 or older) | Additional $1,000 | Additional $1,000 |
Minimum Deductible | $1,600 | $3,200 |
Maximum Out-of-Pocket | $8,050 | $16,100 |
2023 HSA contributions are limited to $3,850 for single and $7,750 for a family with an additional $1,000 for catch-up contribution (55 or older). Prior year contributions are good through April 15, 2024.
Still not sure if a HSA is for you?
Stop into Iowa Falls State Bank or give us a call at (641) 648 – 5171!
The Patriot Act
Important Information About Procedures for Opening a New Account
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
What this means for you
When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. In addition, we may also ask to see your unexpired driver’s license or other identifying documents.
Account Opening for a Legal Entity
We are required to ask you for identifying information (name, address, date of birth, social security number, as well as identification documents) for:
➣ Each individual that has beneficial ownership (25% or more)
➣ One individual who has significant managerial control of the Legal Entity
If you are opening an account on behalf of a Legal Entity, you will be required to provide the appropriate documentation and to certify that this information is true and accurate to the best of your knowledge.