With healthcare costs on the rise, a Health Savings Account (HSA) is a great option for those who have a high-deductible health plan. An HSA offers the advantages of control, tax savings, and flexibility as a means to build wealth all while managing your health expenses.
Start your Star Bank HSA account today and enjoy these great benefits:
Frequently Asked Questions
- Do HSA balances carry over each year?
Yes! Your HSA balances remain with your regardless of your employment status or healthcare coverage in the future!
- What types of expense qualify?
Expenses generally include most medical, dental, and vision care expenses. Some health insurance premiums may also be considered eligible expenses.
- Can I ever use my HSA for non-medical expenses?
After the age of 65 you may withdraw funds and use them for ANY purpose, subject to your tax rate at this time. Withdrawals for non-medical expenses prior to age 65 are subject to an additional 20% IRS penalty tax, except for death or disability.
- How are contribution limits determined?
Contribution limits are determined by the IRS and subject to change each year. Check with your health insurance provider and/or tax advisor for eligibility requirements and details.