Health Savings Accounts

 

 Health Savings Accounts (HSAs) were created by the Medicare bill signed into law in 2003 and are designed to help individuals and families save for future qualified medical and retiree health expenses on a tax-free basis. Limited annual contributions can be made to your HSA by you, your employer or both.

Contributions to an HSA can be made if:

  • You have coverage under an HSA-qualified “high deductible health plan”
  • You have no other first dollar medical coverage
  • You are not enrolled in Medicare
  • You cannot be claimed as a dependent on someone else’s tax return
For more information, contact a Kaw Valley State Bank representative or visit http://www.ustreas.gov/offices/public-affairs/hsa/faq.shtml.