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health
HSA Eligibility
You are eligible for an HSA if you: • Are covered under an HDHP • Are not covered by any other health plan that is not an HDHP • Are not enrolled for benefits under Medicare • Are not eligible to be claimed as a dependent on another person's tax return Benefits of Health Savings Accounts • Contributions are excluded from your federal taxable income • Earnings on the account grow tax-free • Withdrawals are tax-free when used for qualified medical expenses • Unused funds remain in the account for future use Lake Elmo Bank Health Savings Account Features • No opening deposit requirement • Tiered interest rates • Free HSA debit card • Free internet banking access • No account set-up fee • Monthly account statements • Checks available upon request • Minimum balance of $250* Using your HSA You can use the money in the account to pay for any “qualified medical expense” permitted under federal tax law. This includes most medical care and services, dental care, vision care, prescriptions and over-the-counter drugs such as aspirin. You can use the money in the account to pay for medical expenses for yourself, your spouse or your dependent children even if they are not covered by your HDHP. Interest compounded monthly. *Waived for 1st year. Below balance monthly charge of $3.00 |
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