Information on HSA – Health Savings Accounts
1. Who is eligible for an HSA?
- You must be covered under an HSA-eligible High Deductible Health Plan (HDHP).
- You are not enrolled in Medicare
- You cannot be a dependent on someone else’s tax return
2. What are the Benefits of having an HSA?
- Tax-free distributions (if qualified)
- Tax-free earnings
- Balance carried over from year to year
- Lower insurance premiums on HDHP
3. Where can I use my HSA funds?
- Simply use the money for qualified medical expenses.*
- This generally includes most medical, dental, and vision care expenses that are incurred by either you, your spouse, or any covered dependents.
4. Does HomeTown Bank offer HSA’s?
- Yes! Stop in and see a banker for details.
*See an HTB representative or IRS Publication 969 for a list of qualified medical expenses.