Health Savings Accounts

A Health Savings Account (HSA) is a tax-exempt custodial account established exclusively for the purpose of paying or reimbursing qualified medical expenses incurred by you, your spouse, and your dependents.  With more and more companies finding it difficult to reduce their healthcare expenses they are turning to a High Deductible Health Plan or HDHP.  An RSNB Bank Health Savings Account is a great alternative for businesses or individuals who have an HDHP and want to have an interest-bearing checking account that puts them in control of their own health care reimbursements.

HSA Features

• No minimum balance to open
• $10 annual maintenance fee
• No minimum balance to earn interest
• Non-qualified withdrawals may be subject to IRS tax penalties
• Deposits allowed at any time (must be within IRS yearly limits)
• HSA funds are easily accessible with a Visa® Debit Card

Certain federal guidelines must be met to qualify for this account. Federal tax benefits are determined by IRS rules. Consult your tax advisor or financial planner for state rules regarding HSAs.

Want more information?

Watch the following tutorial on Health Savings Accounts.