Healthcare Savings Account

Healthcare Savings Account

Healthcare Savings Accounts were developed to manage healthcare expenses without risking healthcare coverage. To qualify the client must have a qualified High Deductible Health Plan (HDHP). Benefits of an HSA:

• Interest or earnings on assets are tax-free
• Tax deductions for contributions
• Distributions for qualified medical expenses are tax-free
• Contributions may be 100% of the maximum set by IRS guidelines each year

Fowler State Bank's HSA package includes:

• Debit Card
• Unlimited withdrawals for qualified medical expenses
• Monthly Statements
• Interest calculated on monthly average balance and paid monthly
• Year-end tax documents
• $25.00 minimum deposit required
• Service Fee - Contact Bank