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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:
  • Checks
  • Debit Card
  • Unlimited withdrawals for qualified medical expenses
  • Monthly Statements
  • Interest calculated on monthly average balance and paid monthly
  • Year-end tax documents
  • Non-FDIC products (annuities, mutual funds, etc.) as an alternative investment (separate fees)
  • $25.00 minimum deposit required
  • Annual Fee - Contact Bank