High deductible health plans and medical expenses require forethought to avoid a big hit to the budget should medical needs arise. Set aside funds in an HSA and earn interest tax free on your balance. You can easily access funds to pay for your medical bills, prescription medication, and other eligible expenses. It's a smart investment in your health.
HSA Eligibility Requirements:
- Enrolled in a qualified high deductible health plan (HDHP)
- Not claimed as a dependent on another person’s tax return
- Not enrolled in Medicare
- Not covered by any other plan, unless it provides only specific coverage such as dental or vision
Contributions to your HSA
- May be made by you, your employer, or any other individual
- Allowable amounts are based on the type of health care coverage you have,
- Limits are adjusted annually by the IRS
- Review current maximum contribution limits by visiting irs.gov (Pub 969) or contact your local JCBank location for additional information
- Are tax deductible
- Earn interest on a tiered structure
- Tax-deferred earnings
- Catch up contributions are available after age 55
- Unused funds carry over year to year
- After age 65, the money becomes a supplement to your retirement
- Funds can be used for medical expenses not covered by Medicare, tax-free
- May be used without penalty for non-medical expenses, but are subject to income tax
Distributions from your HSA
- Tax-free, provided the funds are used to pay for qualified medical expenses
- Learn more about qualified medical expenses by visiting the IRS website
- Search within publication 502 for the most updated listing
After opening your HSA
- Access funds easily by ATM, debit card, checks, ACH, online banking transfers or teller services
- Expenses paid out of pocket may be reimbursed to you by debiting your account using any of these methods
- JCBank Online Banking and/or telephone banking provides convenient access to account information 24/7
Fill out an application today to open your HSA. Contact us if you have questions.
JCBank is now offering myHSAinvestments
- Maximize your health care savings now and in retirement with a self-directed investment option available through JCBank.
- The myHSAinvestment option requires a balance of $5,000 or more.
*Neither your HSA Provider (JCBank) nor Devenir Group, LLC, the third party, can provide investment advice to you on this program. Once you transfer funds from your HSA to myHSAinvestments they are non-insured by the FDIC, the Bank or any other agency of the U.S. These investments are not the obligations of JCBank nor guaranteed by JCBank. We recommend you speak with a licensed investment advisor or consult the prospectus should you have questions about any investment. Carefully weigh the advantages and disadvantages of investing your HSA funds before doing so. myHSAinvestments is powered by Devenir.