Features and Benefits
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Account may be opened by individuals or through Employer-Sponsored Programs.
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Deposits are deductible from taxable income even if you do not itemize deductions on your tax return.
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The HSA is set up as a checking account with limited check access.
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Have the convenience of a debit card for withdrawals/payments.
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Withdrawals used for eligible medical expenses are tax exempt.
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You maintain control over the account if you change plans or even jobs.
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Savings may be used to pay your deductible or for eligible medical and prescription expenses.
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You may roll over Medical Savings Account (MSA) funds into an HSA, if you do so within 60 days of withdrawing funds from the MSA.
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Minimum deposit to open is only $100.
Rules & Contribution Limits change. Be sure to consult a tax specialist, your company human resources department or visit the Internal Revenue Service HSA section for the most current information and contribution limits.
A Healthy Way To Save
A Monroe Bank & Trust Heath Savings Account (HSA) offers an alternative way to either afford health care or pay for expenses that might not be covered under your insurance plan.
With MBT’s Health Savings Account, there’s no need to request reimbursement or submit receipts. You simply use your HSA debit card or checks to pay expenses, or reimburse yourself by withdrawing money from your HSA. It’s that simple! (IRS regulations apply.)
Plus, your unused balance rolls over year after year, so you can’t lose money you don’t spend. Best of all, with an MBT HSA, it’s possible to enjoy significant tax savings, with tax-deferred medical savings growth!
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