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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
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