Health Savings Account
GAIN TAX ADVANTAGES WITH YOUR HEALTH SAVINGS ACCOUNT (HSA)
ELIGIBILITY
Individuals covered by a high-deductible health plan (HDHP) that are not covered under another health plan (including Medicare) and cannot be claimed as a dependent on someone else's tax return may be eligible for the new Health Savings Account.
TAX ADVANTAGES
Contributions to a Health Savings Account are tax deductible. The interest earned and withdrawals made from the account are tax free if the funds are used to pay for qualified medical expenses.
QUALIFIED MEDICAL EXPENSES
Qualified medical expenses are those expenses incurred by the accountholder, spouse or dependents that would generally qualify for the medical and dental expenses deduction. These are explained in IRS Publication 502. Examples include amounts paid for doctors' fees, prescription and non-prescription medicines and necessary hospital services not paid for by insurance.
If you receive distributions for other reasons, the amount you withdraw will be subject to income tax and may be subject to an additional 10% tax.
CONTRIBUTION
Annual Contribution limits do apply.
| Tax Year |
Single health plan |
Family health plan |
Catch Up |
| 2009 |
$3000 |
$5950 |
$1000 |
| 2010 |
$3050 |
$6150 |
$1000 |
BALANCE AT END OF YEAR
Amounts that remain at the end of the year are generally carried over to the next year.
WITHDRAWAL OF FUNDS FROM HSAs
An individual can receive a distribution from their HSA account any time by accessing their account through Guaranty Savings Online. We also offer free checks and a free Guaranty HSA debit card. Use your card or check to pay for services directly or come in to one of our convenient locations and draw funds from the account.
INVESTMENT
Guaranty HSA - Attractive Rates
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Personal Banking