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Health Savings Account

Be Prepared for Health Related Costs

Let’s be honest: you don’t enjoy going to the doctor. But you really don’t like the costs associated with a doctor’s visit or a trip to the emergency room. But there is a way to bridge the gap to your deductible or out-of-pocket max: a health savings account.

What is a Health Savings Account?

  • A health savings account  (HSA) is a tax-exempt trust, or custodial account, that an account holder sets up with Farmers State Bank
  • It allows the account holder to pay for certain medical expenses
  • This account must be used in conjunction with a high deductive health plan (HDHP).

Benefits of an HSA

  • Interest grows tax free
  • Withdrawals are tax free when used for qualified medical expenses
  • The balance rolls over year-to-year automatically
  • HSA is owned by you, not your employer

To Qualify for HSA

  • Be covered by a high deductible health plan (HDHP)
  • The HSA owner may have no other health insurance coverage
  • The account holder is not enrolled in Medicare
  • The HSA owner cannot be claimed as a dependent

HSA Details

  • $50.00 minimum opening deposit
  • Unlimited check writing
  • First box of checks free (yellow only)
  • eStatements available at no charge or $5 to have them mailed (with images) at month-end
  • Debit card available at no charge

To open a health savings account, stop by a Farmers State Bank office in Algona, Whittemore or West Bend today!

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