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Health Savings Accounts - HSA

HSA Accounts are available for you at Grand Valley Bank

How will a Health Savings Account (HSA) benefit me?

  • You have control over your funds
  • Deposits are tax deductible
  • The balance and interest earned is tax deferred when used to pay for qualified medical expenses (see IRS Publication 502)
  • You decide what bills to pay from your HSA account
  • Your funds do not expire

Who is eligible for an HSA?

Any Individual that:

  • Is covered by a qualified High Deductible Health Insurance Plan (HDHP)
  • Is not covered by other health insurances
  • Is not eligible for Medicare
  • Cannot be claimed as a dependent on someone else's tax return

HSA Contribution Rules

  • Your annual HSA deposit cannot exceed your plan's deductible (except for catch-up contributions after age 55)
  • The allowable contribution put into your HSA is a front page, line item deduction on your Federal Tax Return
  • You must have a qualified HDHP to open or make contributions to an HSA
  • The IRS's 2016 and 2017 maximum contribution limits are:
Taxable YearIndividualFamily
2016 $3,350 $6,750
2017 $3,400 $6,750
  • Participants age 55 and older are allowed an additional $1,000.00 per year as a catch up contribution.
  • HSA Distribution Rules

    • See IRS Publication 502 for list of allowable expenditures
    • Pay for allowable health expenditures using your HSA checks or debit card
    • Keep your receipts for the end of year tax benefit

    Grand Valley Bank is offering Health Savings Accounts with no set-up fees. Maintaining a minimum balance of $750.00 or an average balance of $1000.00 will waive the $5 monthly maintenance fee. We provide your checks and a monthly statement with your check images.

    The account includes 5 free debits per month, then just $0.25 per additional debit. The deposits made to this account are reported to the IRS as a current tax year contribution unless otherwise requested at the time of the deposit. Each debit, check or withdrawal is reported to the IRS as a distribution for the current year. Debits should be for legitimate medical expenses and you must maintain documentation for those expenses.

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