Health Savings (HSAs)

Health Savings Accounts (HSAs) were created in 2003 so that individuals covered by high-deductible health plans could receive tax-preferred treatment of money saved for medical expenses.

You can contribute to an HSA if you:

  • Have coverage under an HSA-qualified “high deductible health plan” (HDHP)
  • Have no other first-dollar medical coverage (other types of insurance like specific injury insurance for accident, disability, dental care, vision care, or long-term care insurance are permitted)
  • Are not enrolled in Medicare (generally, are under 65 years of age)
  • Cannot be claimed as a dependent on someone else’s tax return

Because participation in a Health Savings Account has particular prerequisites, we encourage you to review the government website for clarification.

www.treas.gov/resource-center/faqs/Taxes/Pages/Health-Savings-Accounts.aspx

Features of our HSA product include:

  • $20.00 minimum deposit to open account
  • No minimum balance required
  • No annual fee
  • Free online banking, including bill pay
  • Earns interest at competitive rates
Toll-free Number (888) 287-4094
Email: info@alliancebanking.com
Telephone Banking Number: (877) 472-9247
If your card is lost of stolen, call: (800) 264-4274
Copyright © Alliance Bank