Health Savings Accounts - Benefits & Advantages

What are the benefits of an HSA?

You may enjoy several benefits from having an HSA.

You can claim a tax deduction for contributions you, or someone other than your employer, make to your HSA even if you do not itemize your deductions on Form 1040.

Contributions to your HSA made by your employer (including contributions made through a cafeteria plan) may be excluded from your gross income.

The contributions remain in your account from year to year until you use them.

The interest or other earnings on the assets in the account are tax-deferred.

Distributions may be tax free if you pay qualified medical expenses.

An HSA is “portable” so it stays with you if you change employers or leave the work force.

Deposit accounts at the Bank of Geneva are insured by the Federal Deposit Insurance Corporation (FDIC). Request a Truth-in-Savings disclosure for further details on this account.

The above information is provided with the understanding that Bank of Geneva is not engaged in rendering tax advice.  For more detailed information, please refer to IRS Publication 502 titled “Medical and Dental Expenses”, Catalog Number 15002Q.  Publications can be ordered from the IRS by calling 1-800-TAX-FORM (1-800-829-3676), or viewed, printed or downloaded in PDF format (Please refer to http://www.irs.gov/pub/irs-pdf/p502.pdf).  If tax advice is required, seek the services of a competent professional.

• Deposit accounts at the Bank of Geneva are insured by the Federal Deposit Insurance Corporation (FDIC).

• Request a Truth-in-Savings disclosure for further details on this account.