Health Savings Accounts
How to Apply
Additional Information
A Health Savings Account (HSA) is a tax-advantaged account designed exclusively for covering medical expenses. Anybody can contribute to an HSA on behalf of the eligible individual — employers, family members or any other person.
HSA funds can be used to pay for current medical expenses or saved for future needs. Plus, unused balances may be carried from year to year during the participant's lifetime.
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Health Savings Accounts (HSAs) |
| Tax advantages |
- Contributions are tax-deductible
- Withdrawals are tax-free when used for qualified medical expenses
- Interest earned is tax-free
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| Interest |
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| Minimum balance to open |
$50 |
| Service fees |
- $5 one-time set-up charge
- $3/month
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| Account access |
- Free unlimited checkwriting and Visa® check card usage
- Free Online Banking access to view electronic check images
- Monthly paper or e-mail statements (can be combined with other accounts)
- Funds are deposited into an interest bearing checking account
- Customers receive a free pack of duplicate checks
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| Distributions |
- Distributions for non-qualified medical expenses prior to age 65 are generally subject to federal income tax and a 20% tax penalty
- Distributions for non-qualified medical expenses after age 65 are taxed as ordinary income
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| Other key features |
- ANB doesn't sell our HSA contracts to other companies — you will always get our personalized, direct attention
- FDIC insured up to $100,000
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