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health
SAVINGS ACCOUNTsm
For those of you who are currently enrolled in a qualified High Deductible Health Plan, an HSA might be a perfect tool for effectively managing your health care expenses. Now available through Lake Elmo Bank, an HSA is a special account opened by an individual for the purpose of paying medical expenses. HSAs must be used in conjunction with a qualified High Deductible Health Plan (HDHP). Interest on the account is not taxed and withdrawals for qualified medical expenses are not taxable. Any unused balance in the account may be carried over year-after-year. After age 65, funds may be withdrawn for any purpose without penalty, but would be taxable at this time. Contact a Personal Banker for more information.
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