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