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Plan Ahead with a Health Savings Account at JCB

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
    • myHSAinvestment option requires a balance of $5,000 or more Click here for more details

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,
    • Single
    • Family
  • Limits are adjusted annually by the IRS
    • Review current maximum contribution limits by visiting irs.gov (Pub 969) or contact your local JCB banking center 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
  • JCB 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.

myHSAinvestment Option

JCB is now offering myHSAinvestments

Neither your HSA Provider (JCB) 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 JCB nor guaranteed by JCB. 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.

 Ready to Get Started?
CONTACT US TO OPEN YOUR HSA.

Health Savings Account Resources

If you are considering opening a health savings account, be sure to read these resources.