Let F&M Bank Help You Take Control Of Your Healthcare Costs.
Benefits of a Health Savings Account:
- Health insurance can cost less
- Savings to help pay your deductible
- Peace of mind from unexpected medical bills
Your HSA Offers A Triple Tax Benefit:*
- Contributions are made pre-tax
- Interest earnings on the account are not taxable
- Taxes are not paid on withdrawn funds, as long as they are used for eligible expenses**
What Your F&M Bank HSA Offers You:
- Access your funds to cover medical expenses with an F&M Bank Debit Card or Checks
- Earn a competitive rate of interest
- Manage your account through FREE Online Banking
- Pay medical bills through FREE Bill Pay
- Surcharge free ATMs
- Easily transfer funds in and out of your account
- Unused money rolls over from year to year, there is no "use it or lose it" policy
- Your account is portable - If you change jobs you can continue using the same account
2017 Annual Contribution Limits:
- $3,400 for individuals (self-only coverage)
- $6,750 for family coverage
- $1,000 catch-up contribution, ages 55+
Qualifying for an HSA:
In order to be eligible for an HSA, you must be covered by a High-Deductible Health Plan (HDHP). In 2017, a HDHP is a health plan with:
- A deductible of at least $1,300 for single coverage
- A deductible of at least $2,600 for family coverage
- A maximum annual out -of-pocket expense limit for allowing costs, not exceeding $6,550 for single coverage and $13,200 for family coverage
- Limit does not apply to deductibles & expenses for out-of-network services if the plan uses a network of providers
- Only deductibles and out-of-pocket expenses for services within the network should be used to figure whether the limit applies
- You must not be covered by any other health plan other than another HDHP (with limited exceptions)
- You must not be eligible to be claimed as a dependent on another person's taxes
- You are not enrolled in Medicare.
Contact a banker today for more information or to get started on your HSA.
Eligibility for an HSA is determined by Federal Law. It is your responsibility to ensure you are eligible.
*Consult with a tax advisor. F&M Bank does not provide tax or accounting advise.