A CenterState Health Savings Account (HSA) is a great way to help you pay for qualified medical expenses. An HSA enables you to save for your health care deductible, while taking advantage of tax savings.
This account includes the following:
- Unlimited Debit Card transactions
- Personalized Health Savings Account debit card
- No monthly fee
- Online Banking with Bill Payment capability
How can you save?
- Contributions to your account may be tax-deductible on your federal income tax return, and, in most cases, on your state income tax return. (Consult your personal tax advisor)
- You can pay for qualified medical expenses with tax-free withdrawals.
- Your employer may offer a payroll deduction option to help you make contributions on a tax-free basis through your employer’s cafeteria plan. In addition, your employer may also decide to contribute.
- Unlike Flexible Spending Accounts, your HSA has no “use it or lose it” requirement and also stays with you if you change jobs or retire.
You are eligible if you meet the following criteria in any one month
- You are covered under a high-deductible health plan (HDHP) on the first day of that month;
- You are not covered under another type of health plan that is not an HDHP (certain exceptions apply);
- You are NOT enrolled in Medicare (generally, are under 65 years old);
- You may not be claimed as a dependent on another individual’s tax return.
Once you have met the requirements, anyone may contribute to your HSA, regardless of your employment status.
Furthermore, the earnings grow tax deferred and all qualified distributions are tax-free. Be sure to consult with your tax or legal professional for guidance.
If you are covered by an HSA-eligible health insurance plan and satisfy other conditions, you can open Health Savings Account from CenterState Bank and begin saving money to help pay for qualified medical expenses.
Qualified Medical Expenses
- Standard medical services such as office visits and annual medical physicals.
- Prescriptions, some over-the-counter medicines, and health care products.
- Preventive and restorative dental care, as well as orthodontia for children and adults.
- Eyeglasses, contact lenses, and laser eye surgery.
- For more visit the irs.gov for a complete list
You’re in control
When you open an account, you’re issued CenterState’s Mastercard® that makes it easy for you to pay for qualified medical expenses. You have online access to account transactions, so keeping tabs on your medical spending is easy.