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A Health Savings Account (HSA) is a supplement to traditional health insurance. It allows you to save for current health expenses and future qualified medical and retiree health expenses on a tax-free basis.

Contributing to your HSA can potentially lower your taxable income. However, we recommend consulting a tax professional to fully understand the benefits and implications for your specific situation.

You can use your savings to pay for things like doctor visits, prescriptions, and other medical expenses.

You, your family, your employer, or anyone else can put money into your HSA, giving you flexibility no matter your situation.

If you’re 55 or older, you can make extra contributions to your HSA, helping you build up even more savings for healthcare costs as you get closer to retirement.

You can add money to your HSA whenever it works for you, including right up to tax day, so there’s no need to stress about deadlines.

When you use your HSA funds for qualified medical expenses, you don’t have to pay taxes on that money, giving you more value for your healthcare dollars.

The exact percentage of savings varies depending on individual circumstances, but on average, individuals can save around 20-30% on their contributions due to these tax deductions.

In addition to tax deductions, HSAs allow you to save on a variety of healthcare services and products, including but not limited to1:

  • Acupuncture
  • Ambulance services
  • Breast pumps
  • Chiropractic care
  • Contact lenses and solutions
  • Dental treatments
  • Doctor’s fees
  • Eye exams
  • Eyeglasses
  • Fertility treatments
  • Hearing aids
  • Insulin
  • Lab fees
  • Medications (prescription)
  • Nursing services
  • Physical therapy
  • Psychiatric care
  • Smoking cessation programs
  • Vaccines

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The application process for a HSA can currently only be completed in person at one of our offices. Please visit your nearest Community Bank location.

  • Verify Eligbility
    • Not covered by other non-HDHP insurance
    • Not enrolled in Medicare
    • Not claimed as a dependent on someone else’s tax return
  • Gather Documents
    • Government issued ID/Drivers License/State ID or Passport with current address.
  • Speak to an Advisor
    • Find your nearest location and speak to an advisor to review HSA plans and complete the application in person.

To be eligible for an HSA, an individual must be covered by an HDHP-qualified high deductible health plan, must not be covered by other health insurance that is not an HDHP, not enrolled in Medicare, and cannot be claimed as a dependent on another person’s tax return.

To be considered a HDHP (and to qualify for opening an HSA), the HDHP must meet minimum annual deductible and maximum annual deductible and other out-of-pocket expenses for HDHP’s as announced by the IRS.

When the eligibility requirements are met to open your HSA, you, your family members, your employer and any other person or non-individual may contribute to your Health Savings Account. This applies if you are employed, self-employed or unemployed.

Your annual HSA contribution cannot exceed the deductible of your HDHP. Additionally, “catch-up” contributions are available for eligible individuals who are age 55 or older by the end of their taxable year and for any months individuals are not enrolled in Medicare.

NOTE: Any transfer from a checking, savings, or other type of deposit account is considered a regular contribution into your HSA and is applied to your maximum annual contribution limit.

Your personal contributions offer you an “above-the-line” deduction. This deduction allows you to reduce your Federal taxable income by the amount you contribute to your HSA. You do not have to itemize your deductions to benefit. Contributions can also be made to your HSA by family members and any other person on your behalf with your receiving the benefit of the tax deduction. You cannot deduct contributions made by your employer. However, these employer contributions will not count as wages for Federal income tax purposes.

Contributions to your HSA account can be made at any time for a taxable year. This includes up to your Federal income tax return due date. However, this does not include any extensions.

Any distributions from your HSA that are not used exclusively to pay for qualified medical expenses of you, your spouse, or your dependents are includable in your gross income and are subject to an additional 10% tax of this includable amount, except in the case of distributions made after your death, or your disability, or your becoming 65 years of age. Distributions used to pay exclusively for qualified medical expenses are excludable from your gross income. For specific information on qualified medical expenses, you are encouraged to consult with a tax or legal professional.

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