Health Savings Account (HSA)
Providing you with money when you need it most.
A North Shore Bank Health Savings Account (HSA) allows you to pay medical bills and health-related expenses with tax-free funds.
Who it’s for:
A North Shore Bank HSA is designed for those who have a High Deductible Health Plan (HDHP).For tax year 2012:
- Individual Coverage - deductible of at least $1,200 with a combined deductible and out-of-pocket expense cap of $6,050
- Family Coverage - deductible of at least $2,500 with a combined deductible and out-of-pocket expense cap of $12,100
To contribute, the HSA owner must not be covered by any Health Plan that is not an HDHP, not be claimed as a dependant on another's tax return and not be enrolled in Medicare.
What's in it for you:
- Contributions for 2012 tax year - Contributions can be made by you, your employer or a combination of both. Up to $3,100 for individual coverage or $6,250 for family coverage may be contributed. As an eligible individual, you may contribute an extra "catch-up" amount from age 55 until you're enrolled in Medicare and no longer able to contribute anything.
- Tax-deductible savings - Contributions made by you are Federally tax deductible. Similarly, contributions made by your employer are tax deductible to them and are excluded from your gross income. Distributions used for qualified medical expenses are free from Federal taxes, if they are not taken as an itemized deduction.
- Debit card convenience - Typical distribution options are through your free HSA Debit Card, by check, or in the bank lobby. Distributions not used for health related expenses are subject to taxation and in some cases, IRS penalty.
- Free HSA Debit Card.
- Access to account information by phone or online 24 hours a day.
- Unlimited check-writing and no per-check charge.
It's easy to get started. Visit your local Illinois State Bank branch for more information!
