Learn About HSA’s

 

Why should I have a Health Savings Account?

Health Savings Accounts (HSAs) were created to help individuals with high deductible health plans save money for medical expenses. These funds are not subject to federal income tax when deposited or withdrawn from the account when the dollars are used for qualified medical expenses.

Am I eligible to open an HSA?

You are eligible for an HSA if you can answer “yes” to ALL of the following statements:

  • I am covered by a high deductible health plan on the first day of the month (HDHP).
  • I have no other health coverage except what is permitted under Other Health Coverage, as described in the IRS Publication 969.
  • I am not enrolled in Medicare.
  • I am not eligible to be claimed as a dependent on another person’s tax return.

The HSA Puzzle

High Deductible Health Plan

A high-deductible health plan (HDHP) is a health insurance plan with lower premiums and higher deductibles than a traditional health plan. Being covered by an HDHP is also a requirement for having a health savings account.
*If you have questions as to whether your insurance plan qualifies as a HDHP please contact your insurance provider or your HR Representative.

What can I use my HSA for?

The IRS provides Publication 502 as a resource listing of the Qualified Medical Expenses that your HSA may be used to pay for.

Want to learn more?

The IRS provides Publication 969 for you to understand the specifics of Health Savings Accounts including the benefits of having an HSA, the deductible limits of what is considered a High Deductible Health Plan, and how to report HSA transactions on your tax forms.

 


 

Want to Open an HSA?

Apply Online

OR

Call 712-722-4848 and ask for our H.S.A. Department.

OR

Stop in to see us at American Investment & Trust

525 N Main Ave
P.O. Box 140
Sioux Center, IA 51250-0140

 


 

Managing Your HSA

You Get to Decide!

  • Contribute
    • How much you will contribute to your account (up to the allowable IRS contribution limit)
  • Distribute
    • When you want to use your HSA and distribute the funds to pay for or reimburse yourself for qualified medical expenses
  • Invest
    • Whether or not to invest some of your HSA for a greater potential of long-term growth

Contribute To Your HSA

Important Note: The IRS sets contribution limits for individual and family Health Savings Accounts each tax year. It is solely the account owner’s responsibility to keep track of the contributions made to their HSA account and ensure that that their annual contributions do not exceed this contribution limit. The IRS can adjust this limit each year – so stay informed.

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Contribution Limits

2017 HSA Contribution Limits:

  • Individual – $3,400
  • Family – $6,750
  • If you are age 55+ you are eligible for an extra $1,000 contribution

2018 HSA Contribution Limits:

  • Individual – $3,450
  • Family – $6,900
  • If you are age 55+ you are eligible for an extra $1,000 contribution

Contribution Deadline

  • You have until your tax filing deadline of April 15 to make contributions to your HSA for the prior tax year.

  • It is your responsibility to notify us using the Prior Year Contribution Form & by writing the tax year on the memo line of your check.

  • If we do not receive the Prior Year Contribution Form we will not be able to process your contribution as a Prior Year Contribution.

How to Contribute to Your HSA

  • Use online banking to transfer between your American State Bank Accounts.
  • Payroll deduction (if this option is offered by your employer).
  • Mail in a check with the HSA Contribution Form noting the tax year on the memo line of the check to:
    • American State Bank
      Attn: HSA Department
      525 N Main Ave
      P.O. Box 140
      Sioux Center, IA 51250-0140
  • Complete a once per lifetime transfer from your IRA to fund your HSA.
  • Contribution Calculator

 

Distribute for Qualified Medical Expenses

Important Note: It is solely the account owner’s responsibility to keep track of all receipts and records. HSA funds are to be used to pay for Qualified Medical Expenses as defined in the IRS publication 502. Non-Qualified expenses could be subject to a 20% IRS penalty.

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There are many ways to distribute funds from your HSA

  • Use online banking to transfer between your American State Bank Accounts

  • Swipe your HSA debit card.

  • Write a check to yourself to reimburse medical expenses you paid out of pocket.

  • Write a check directly out of your HSA to pay for the expense.

HSA Investment

If you are looking for a greater potential of long term growth in your account, you may be interested in investing your HSA.

Our HSA program has the unique advantage of American Investment Services* advisors who will work with you to invest your HSA funds.

If you are interested in investing your HSA, call us at 712-722-4848 and ask to speak with an American Investment Services Advisor ($5,000.00 minimum balance required to invest).

 


 

Forms & Resources

Forms

 

AITInvestServManagingChange

*Investment products are:  Not a Deposit, Not FDIC Insured, Not Insured by Any Federal or State Government Agency, Not Guaranteed By the Bank, May Go Down in Value

Securities and insurance products are offered by Cetera Investment Services LLC, a registered broker-dealer, member FINRA/SIPC. Advisory services are offered by Cetera Investment Advisers.  Neither firm is affiliated with the financial institution where investment services are offered.

Investment Executives are registered to conduct securities business and licensed to conduct insurance business in limited states.  Response to, or contact with, residents of other states will only be made upon compliance with applicable licensing and registration requirements. The information on this website is for U.S. residents only and does not constitute an offer to purchase brokerage services to persons outside of the United States. Located at 525 N Main, Sioux Center, IA 51250

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