Health Savings Accounts (HSAs)
Ensure your physical and financial health while reducing your tax payments. With an HSA you can contribute tax-free money straight from your paycheck, and use the funds for any qualified medical expense.
Best of all, you own the HSA, so funds roll over year-to-year and you carry the account with you wherever you go. Be prepared to face the growing cost of health care with this important account option.
- No setup or annual fees
- $100 minimum balance to open
- Contributions are tax free*
- Interest grows tax free
- Withdrawals are tax free when used for qualified medical expenses**
- Money rolls over year-to-year automatically
- Easy withdrawal access by check, debit, or teller
- Contribution limits set by the IRS
Residents within a 100-mile radius of Dubuque, Dyersville, or West Des Moines, Iowa only please.
*If contributions are made after income was taxed, the amount deposited is tax deductible.
**Withdrawals for non-qualified medical expenses are subject to income tax and a 10% penalty. The 10% penalty is waived for persons 65 and over or who have become disabled. If you close your account before interest is credited, all accrued interest will be paid.
- There are no income requirements or limitations
- Must be covered under a qualified, high deductible health plan
- Must not have coverage by another type of health plan
- Cannot be claimed as a dependent on another person's tax return
- Cannot be enrolled in Medicare