What is a Health Savings Account? A Health Savings Account is designed to help eligible individuals with a High Deductible Health Plan (HDHP) save for qualified medical expenses on a tax-advantaged basis.
For 2008, Federal Law requires that the Health Insurance Deductible be at least:
$1,100 -- Self Only Coverage
$2,200 -- Family Coverage
How do Health Savings Accounts benefit employers? Employers may realize lower health insurance premiums in exchange for a higher deductible on their health plan.
How do Health Savings Accounts benefit individuals? Individuals can save by making tax-advantaged contributions to their H S A account and using those funds to pay medical expenses. Also, funds contributed to a Health Savings Account roll over from year to year – there is no need to worry about using the balance by year’s end.
Features of Bank of Alpena’s H S A:
• No Setup Fee
• Free Bank of Alpena Express MasterCard® Debit Card
• Free Online Banking & Online Bill Payment
• Monthly Account Statements
• Free 24-Hour Telephone Banking
• FDIC Insured
• Earns a Competitive Rate of Interest
For more information, please contact:
