The NASE has partnered with Bancorp Bank (HealthEquity) to offer a Health Savings Account, or HSA, a tax-exempt account to help you save money to pay for qualified medical expenses for the entire family. Most people who are covered under an IRS qualified High-Deductible Health Plan (HDHP) can open and contribute to an HSA.
Please contact HealthEquity customer support by calling (877) 915-3233.
HSA Advantages:
Tax Deductible Contributions and Distributions
Deposits to your HSA will reduce your taxable income for the year, even if you don’t itemize your taxes. The money can be 100% tax deductible, up to the IRS maximum. Withdrawals made for qualified medical expenses are tax-free. Visit www.irs.gov for a complete list of qualified medical expenses.
Unused Contributions Rollover
Any unused contributions made in a given calendar year can remain in the account and earn interest until you need it – whether that’s next month, next year, or in 10 years. At the age of 65, the account can be used as retirement savings or continue to be used for medical expenses, you decide.
The material presented here is not intended to serve as a substitute for tax advice from a qualified professional. Any person considering opening an HSA should consult a tax advisor first to determine the tax consequences of doing so. It is the responsibility of the individual to determine eligibility for an HSA. Monthly account maintenance fee waived for the first 3 months from the account opening date. All other fees will apply to the account. Interest paid on balances over $1.00. Keep receipts for tracking of health related expenses. Monies not used for qualified expenses may be subject to taxes and a federal penalty. To be eligible for a rebate on ATM fees, you must mail in the ATM receipts, within 60 days of the use of your card, we will then reimburse up to $10.00 per month in ATM fees. Monthly account maintenance fee waived when balance exceeds $2,500 or a monthly electronic deposit is made into the account.
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