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Guaranty Health Savings Account
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If you're one of the many individuals who have selected a High Deductible Health Plan (HDHP), you should consider a Health Savings Account (HSA). This account gives you the ability to contribute money on a pre-tax basis for future qualified medical expenses.1 Guaranty Bank makes this contribution and payment process simple and convenient for you, with easy deposits, multiple methods of account access and our traditional commitment to exceptional customer service.
An HSA is more than just a savings account-it also allows for the payment of your HDHP deductible, and you can use the money for other qualified medical expenses not covered by your health plan or otherwise compensated for, such as non-prescription drugs, hearing aids, home care and even hospital parking.1 Your contributions to the account can be combined with contributions from your employer, and the money remains in your control. You can pay for qualified medical expenses at your discretion with either a check or an HSA debit card.
An HSA also provides you with three types of tax savings:1
- Tax deductions on your after-tax contributions to the account or the ability to make pre-tax contributions through your cafeteria plan (if offered by your employer)
- Tax-free interest earnings on the money in your HSA (while it remains in the account)
- Tax-free withdrawals when you use the money exclusively to pay for qualified medical expenses.
Plus, an HSA remains with you whether you change employers or medical plans in the future.2 Your ownership of the account continues even if you retire or leave the company. Unused money carries over year after year to help pay medical expenses.
With an HSA, you can contribute up to $2,850 for individual coverage and $5,650 for family coverage in 2007.3
For more information about an HSA from Guaranty Bank, please read the Frequently Asked Questions.
Features of a Health Savings Account
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- Deposit money on a pre-tax basis1
- Earn interest
- No account set-up fees
- Direct deposit available
- First order of 50 checks free
- Free HSA debit card
- Free Online Banking4
- FDIC Insured
Minimum Opening Deposit
There is no minimum opening deposit.
Monthly Service Charge
There is no monthly service charge. There is an annual fee of $75, deducted from your account annually on December 16 (your annual fee can be paid by you or your employer).
Account Specifications
- Must have a High Deductible Health Plan and must otherwise be an "Eligible Individual" (as defined in § 223 of the Internal Revenue Code of 1986, as amended) to open a Health Savings Account
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Guaranty Bank offers a variety of services that provide convenience and security to your accounts.
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Equal Housing Lender.
