Health Savings Accounts Offer Incredible Benefits
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Before you sign up for a pre-tax healthcare contribution plan, let’s have a conversation to see if a Health Savings Account at Bank of Sun Prairie is right for you.
Give us a call: 608-837-4511
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Easy to Open. Easy to Use. Easy to Carry Over.
A Health Savings Account (HSA) can be a great way to save money for out‐of‐pocket medical expenses like doctor visits, dental and vision care and prescriptions. It offers unique tax advantages that allow you to keep more of your hard‐earned money, plus you can use it now or save it to cover health care costs in the future. To qualify for a HSA, participants must be enrolled in a High‐Deductible Health Plan (HDHP).
If you are researching 2019 pre‐tax plans for healthcare expenses, here are the advantages of HSAs available at Bank of Sun Prairie:
- HSAs offer a triple tax advantage:
• Contributions to your HSA are not taxed
• Funds in your HSA grow tax‐free
• Any withdrawals for qualified medical expenses are also tax‐free
- You won’t lose what you don’t spend
Your HSA funds are not a case of “use it or lose it”. Any money you don’t use at the end of the year rolls over to the next year. Your HSA balance can keep growing!
- It’s your money and available anywhere at anytime
You always have access to the money in your account. Your HSA is portable and accessible through your HSA debit card. It goes with you even if you get a new job with a different employer or leave the workforce.
- It works for more people than just yourself
If you claim a family member on your taxes, you can use your HSA money for their qualified medical expenses – even if you just have single coverage.
Health Savings Account Contribution Limits for 2019
Make sure your High Deductible Health Plan HSA meets deductible limits and other requirements if you want to save money in a tax advantaged Bank of Sun Prairie Health Savings Account.
HDHP Deductible Minimums
To contribute to a HSA in 2019, you must have a qualifying health insurance plan with a deductible of at least $1,350 for single coverage or $2,700 for family coverage. This is the same requirement as in 2018.
2019 HDHP Health Saving Account Contribution Limits
|Individual HDHP Qualifying Plans||$3,500|
|Family HDHP Qualifying Plans||$7,000|
|55 Years or Older*||$1,000 – Additional contribution for individual or family plans|
Bank of Sun Prairie Health Savings Accounts
When you open a Bank of Sun Prairie HSA, your account comes with a special HSA Debit Card and checks for you to use to pay your medical expenses.
Managing your account is easy with online or mobile banking Learn more
Check our current HSA interest ratesCheck Rates
Manage your HSA Debit Card with CardValet®Learn more
Open your HSA account at any Bank of Sun Prairie locationFind a Branch
Frequently Asked Questions
Q: How are Health Savings Accounts considered tax advantaged savings accounts?
A: An HSA offers a triple tax break when you follow the rules. Your contributions are tax‐deductible (or pre‐tax if made through a payroll deduction), the money grows tax‐deferred, and withdrawals used to pay medical expenses are tax‐free.
Q: What if I don’t use the money in my Health Savings Account by the end of a year?
A: Unlike Flexible Spending Accounts which are taxable, you are not required to spend the money in an HSA by the end of the year. Your balance rolls over each year and you can use the money tax‐free for medical expenses anytime, even after retirement.
Q: How do I know if my health plan qualifies?
A: To make sure your plan is HSA‐eligible, ask the insurer before buying it. This will help you make sure your health insurance plan meets deductible limits and other requirements if you want to save money in a tax‐advantaged Health Savings Account.
Contact us today! Let’s have a conversation to see if a Health Savings Account at Bank of Sun Prairie is right for you.
Give us a call: 608‐837‐4511
Send us an e‐mail: Click here
* Eligibility for persons 55 or older requires those individuals not be enrolled in Medicare.