Health Savings Account
One thing is for sure – the cost of medical care continues to rise. Manage your healthcare dollars wisely with Jones National Bank and Trust Co. Health Savings Account (HSA)! Opening a HSA account is an excellent way for Seward and Milford area residents to save money on healthcare expenses.
- Health Savings Account Features
- Who qualifies for a Health Savings Account?
- Benefits of a Health Savings Account
- Apply here! (Adobe Reader Needed)
Health Savings Account Features
You can make tax deductible contributions to your HSA if you met all of the following requirements:
- One Time Opening Fee of $20.00
- Minimum Deposit of $25.00
- No monthly fee on balances $500 and over, $2.00 monthly fee on balances less than $500
- Variable interest rate
- Unlimited check writing
- Free Jones National Bank and Trust Co. Visa® Debit Card (upon approval)
- Personalized Checks, First order of 50 are free
- Free monthly statement which includes free Jones National Bank and Trust Co. check images
- Free Online Advantage—24-Hour Internet Banking
- Free Phone Advantage—24-Hour Phone Service
What are the benefits of a Health Savings Account?
- are covered under a high deductible health plan on the first day of that month;
- are not covered by any other health plan that is not a high deductible health plan (with limited exceptions);
- are not entitled to benefits under Medicare (generally not yet age 65);
- are not able to be claimed as a dependent on another person's tax return.
Tax Free Benefits
HSA's allow you to make contributions and earn interest tax free and your distributions are tax free as long as they are used for qualified medical expenses.
Flexibility in Spending
You can use your Health Savings Account to help pay for any qualified medical expenses. These can include health insurance deductibles and co-payments for certain over-the-counter medications as well as out-of-pocket expenses.
Health Savings Accounts are not a "use it or lose it" account. The balance of your HSA will roll over from year to year. This will allow you to budget for your health expenses and build up your savings to cover qualified medical expenses when the need arises.
You own your HSA, not your employer. It does not matter what job you have, whether or not your employer makes contributions, or if you are moving to a new job. Your HSA will always be with you.
Your employer may choose to make contributions to employee Health Savings Accounts as an added benefit to you.
Print the application and mail it to us or bring it in along with your opening deposit.
Before You Apply
We recommend that you consult your tax advisor regarding the benefits of an HSA. Contributions are subject to IRS rules. You are responsible for making sure the distributions from your HSA are made according to IRS rules.
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