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Health Savings Account (HSA)

With the rising cost of medical care, taking advantage of every savings is simply a healthy choice! Health Savings Accounts, or HSAs, offer a unique tax-free investment opportunity for those using high deductible health plans.

What is an HSA?

A health savings account (HSA) is a tax-exempt account into which you deposit money to save for the future medical expenses of you, your spouse, and your dependents. The money contributed to an HSA is not subject to federal income tax at the time of deposit.* Some benefits of HSA are:

    • Can be used to meet your deductible
    • Tax deductible off your gross income
    • Grows tax-deferred
    • NEVER taxed when used for qualified medical expenses
    • Rolls over year after year - no "use it or lose it"

*Please contact your tax advisor or the IRS for more information.

Who is eligible for an HSA?

To be eligible for an HSA you must:

    • Be covered by a high deductible health plan
    • Not be covered by another health plan
    • Not be enrolled in Medicare
    • Not be claimed as a dependent on another person's tax return

Taylor Bank HSA Information

It is easy to set up your new Taylor Bank Health Savings Account. We can help you establish your new HSA quickly and even transfer funds from your existing HSA at another institution. Contact us today to get started!

    • No monthly minimum balance requirement
    • Interest earned on funds deposited. Earnings are tax deferred*
    • Check and debit card accessible
    • Savings with tax-deductible contributions*
    • FDIC insured
    • Monitor your account through our Online Banking system
    • Minimal monthly maintenance fee, refer to current Fee Schedule 

*Please contact your tax advisor or the IRS for more information.

 

HSA Contributions

Contributions to your HSA can be made by you, and by your employer. Participants may contribute up to the maximum allowed by law. Contribution amounts are based on IRS limits.

Contact Us for any questions, or to open an HSA Account, visit your local branch.

*Catch-up contribution is available for eligible individuals who are age 55-65 and are not enrolled in Medicare.

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Email Disclaimer

Notice: Because there is a risk that information transmitted via Internet email could fall into the wrong hands, Taylor Bank suggests that confidential information, such as account numbers or social security numbers, not be transmitted via email. Instead, please contact Taylor Bank directly at your nearest bank branch.

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