Health Savings Accounts
Healthcare expenses often come with no warning. For those times, it’s important to have money saved to cover your expenses and bridge the gap before the deductible on your health insurance kicks in. With a Health Savings Account (HSA) from Iowa State Bank, you’re prepared for healthcare expenses, whenever they come up. Our Health Savings Accounts now offer the convenience of a debit card for qualified medical expense purchases along with the convenience of a debit card.
HSA qualification criteria include:
- You must be covered by a high deductible health plan.
- You cannot also be covered by a health plan with a lower deductible.
- You cannot be enrolled in Medicare (or generally, older than age 65).
- You cannot be a dependent claimed by someone else.
Once you’re enrolled in an HSA, you can take advantage of the following benefits:
- Tax benefits may apply (please consult your tax advisor for more information).
- Balances roll over from year to year – no “use it or lose it” scenarios.
- Employers may also make contributions (check with your employer’s human resources personnel).
- Payments are made through checks provided or with your Health Savings Account debit card.
