Health Savings Accounts
A Health Savings Account from Farmers & Merchants Union Bank is great help for employers and consumers to manage healthcare expenses. An HSA helps you save for future qualified medical & retiree healthcare expenses. Contributions to an HSA are tax-deductible.
Benefits for Consumers:
- Create a cushion for your budget before a medical emergency happens.
- Funds are FDIC insured.
- Flexible account lets you pay for medical expenses while earning interest on the account balance.
- Withdrawals for qualified medical expenses are never taxed.
- Unspent HSA funds remain in the account and accumulate interest tax deferred year to year.
- HSA contributions are tax deductible, just like IRA's. Ask your health insurance agent or a tax advisor for current contribution limits.
- Manage your HSA with monthly statements and our free internet banking.
Benefits for Employers:
- Allows employers to control health plan costs without risking health insurance protection.
- Enables employees to take responsibility for how healthcare dollars are spent.
- HSA contributions are tax deductible.
How to make HSA contributions:
- Internet banking and/or phone banking allow 24-hour access to account information and to perform account activity.
- Arrange an automatic transfer from your consumer or business deposit account into your health savings account
- Stop in at any of our locations or mail your deposit
For more HSA information, Click here.
Other fees may be charged on your monthly statement.
