What if you could save for tomorrow’s rising health care costs?
You can with an HSA.
Establishing a Health Savings Account (HSA) is easy and it’s a tax-free way to invest in your health. Think of the HSA as a savings plan that works like an IRA, except the money is used for medical expenses. Contributions are fully deductible, the earnings grow tax-deferred and qualified withdrawals are tax-free when combined with a high deductible health plan (HDHP). All contributions belong to you and are portable from one job to the next. Unused amounts roll over from year to year with no more “use it or lose it.” And we even make it easy to access your funds with a convenient HSA Checkcard.
First you must determine if you qualify for a federal tax-deferred HSA. Please consult with your personal insurance agent and tax advisor to determine eligibility.
Complete a Home Federal Bank HSA Application Form.
Provide a copy of your driver’s license. If the address on your driver’s license is different than the address provided on the application, you must also include a copy of one of the following showing the correct address:
Mortgage papers
Rental agreement
Tax assessment
Current utility bill
Submit a check payable to Home Federal Bank. Amount should include a one-time Administration Fee of $15, and your initial opening deposit for your HSA (minimum amount of $50 required.)
Within 15 business days of receiving your application, Home Federal Bank will send your HSA Checkcard.
Your money starts earning tax-deferred interest immediately. You, your employer and/or family members can deposit money into your HSA account as often as your wish.
You’ll have online access to view your HSA account via with online banking. Complete the section on your Application Form or apply online for access to online banking.
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Equal Housing Lender.