Health Savings Account
The secret to longevity is staying in good health. A health savings account offers tax-advantages* by allowing pre-tax dollars to pay for qualified medical expenses.
In order to sign up, you must be enrolled in a high deductible healthcare plan. Talk to a Flanagan State Bank representative about opening an account — they’ll be happy to answer any questions you may have.
Summary
- Plan that uses pre-tax* dollars to pay for qualified medical expenses
- Earn competitive interest, like regular savings, to grow funds quickly
- Interest compounded monthly
- Account is owned by you, not your employer
- Money rolls over year-to-year (no “use it or lose it” policy)
- No monthly service charge
- No minimum balance requirements
- Free online banking & bill pay, plus mobile banking
- Free Visa® debit card to access HSA funds
- Free monthly bank statement with check images, or choose free e-statements
Requirements:
- $25.00 minimum opening deposit
- Must be enrolled in a high deductible healthcare plan (HDHP), not enrolled in Medicare, not able to be claimed as a dependent on another person’s tax return
- In addition to the $25.00 opening deposit, a $20.00 set up fee must be paid at account opening
*Consult your tax adviser. Visa is a registered trademark of Visa International Service Association.
