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Personal Banking - Health Savings Account
A Health Savings Account (HSA) at Farmers and Merchants Savings Bank is a great way to help you take control of your healthcare dollars and save money for when you need it most. An HSA is a tax-sheltered trust account that you own for the purpose of paying qualified medical expenses for yourself, your spouse, or your dependents.
If you are enrolled in a Qualified High Deductible Health Plan (HDHP), you may be eligible to open an HSA Account today and start saving money. In addition to the lower insurance premium typically realized with a HDHP, an HSA provides tax savings three ways:
- All contributions to your HSA are tax deductible.
- All withdrawals from your HSA for qualified medical expenses are tax exempt.
- All interest earned from your HSA is tax free.
Farmers and Merchants Savings Bank's HSA partner is ConnectYourCare, the leader in HSA administration. ConnectYourCare has created a series of Wellness Tools to help our customers save even more money by making informed decisions and using healthcare dollars wisely.
Unlike a Flexible Spending Account (FSA), any HSA funds not used in one calendar year are carried over to subsequent years; they are
not lost if not used. Balances are accumulated from one year to the next. As long as you use those funds to pay qualified medical expenses, you will not be taxed or penalized. If after age 65 you withdraw funds from your HSA for any other non-medical reasons, you will be subject to income tax at that time. Early withdrawals for non-qualified medical expenses are subject to income tax and a 10% penalty.
Business Banking - Health Savings Account
A Health Savings Account (HSA) at Farmers and Merchants Savings Bank is a great way to help you take control of your healthcare dollars and save money for when you need it most. An HSA is a tax-sheltered trust account that you own for the purpose of paying qualified medical expenses for yourself, your spouse, or your dependents. Farmers and Merchants Savings Bank, in partnership with ConnectYourCare has created a world-class, easy to understand program designed to help you and your employee save money and help control the cost of medical care.
If your company is already using a Qualified High Deductible Health Plan (HDHP), you and your employees may be eligible to open an HSA Account today and start saving money. In addition to the lower insurance premium typically realized with a HDHP, an HSA provides tax savings three ways:
- All contributions to your HSA are tax deductible.
- All withdrawals from your HSA for qualified medical expenses are tax exempt.
- All interest earned from your HSA is tax free.
FMSB's HSA partner is ConnectYourCare, the leader in HSA administration. ConnectYourCare has created a series of Wellness Tools to help our customers save even more money by making informed decisions and using healthcare dollars wisely.
Unlike a Flexible Spending Account (FSA), any HSA funds not used in one calendar year are carried over to subsequent years; they are
not lost if not used. Balances are accumulated from one year to the next. As long as you use those funds to pay qualified medical expenses, you will not be taxed or penalized. If after age 65 you withdraw funds from your HSA for any other non-medical reasons, you will be subject to income tax at that time. Early withdrawals for non-qualified medical expenses are subject to income tax and a 10% penalty.
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