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Health Savings Accounts to cover your medical expenses

Bank of Oakfield offers Health Savings Accounts so you can set aside funds to help cover your medical costs. The money you put into your Health Savings Account is tax deductible and distributions are tax-free! 

Health Savings Account

We make it easy for you to transfer or rollover your existing Health Savings Account. If you are looking to start a new Health Savings Account read below to learn more. There is no fee to set up a new Health Savings Account or transfer/rollover an existing one!

Earns interest Yes-Credited monthly
Minimum balance None
Transaction limitations None, however you are responsible for keeping track of your contribution limits and qualifying distributions. 
Rate information Rates fluctuate with the market so your interest rates are subject to change, but we always make sure we are offering highly competitive interest rates.
How we calculate interest Daily balance computation method-applies a daily periodic rate to the principal in the account each day.

What is a Health Savings Account?

A Health Savings Account, commonly referred to as an HSA, is a savings account for individuals and families covered by high deductible health insurance plans. HSA’s are meant to take care of medical expenses incurred by you, your spouse, or your dependents. When used for qualifying medical costs, distributions from your HSA’s are tax-free and contributions are tax-deductible. 

How do I know if I qualify to have a Health Savings Account?

To establish an HSA you must:

  • Be covered under a high deductible health plan (HDHP)
  • Not have coverage under another nonHDHP
  • Not be enrolled in Medicare
  • Not be eligible to be claimed as a dependent on another person’s tax return

What are qualified medical expenses?

Click here to learn more about qualifying medical expenses. It is up to you to decide if an HSA distribution is qualified or nonqualified. Bank of Oakfield recommends that you hold on to receipts/records of your medical expenses. 

Is there a limit of how much money I can put into my Health Savings Account?

Yes, click here for information about HSA contributions. It is the responsibility of the account owner to determine whether contributions to the HSA have exceeded the maximum annual contribution limit.  

What do I need to provide to open a Health Savings Account at Bank of Oakfield?

When you are opening an HSA we will ask if your health plan coverage is single or family, the effective date of your health insurance, and what your deductible amount is. 

Can I have a joint owner on my Health Savings Account?

No, HSA’s are individual accounts.  However, you may designate an agent and/or beneficiaries. 

How can I use my HSA to pay for my medical expenses?

Bank of Oakfield provides you with a free debit card allowing your medical expenses to be deducted directly from your HSA, so you can forget about the hassle of having to move around funds to reimburse yourself later.

 

If you think you will benefit from having an HSA, contact Bank of Oakfield to get started!

Bank of Oakfield does not offer tax advice. For advice regarding an HSA, please contact your tax or legal advisor.