As health care costs continue to rise, First Kentucky Bank is here to partner with you as you save and pay for medical expenses. Our Health Savings Account (HSA) helps you save and pay for health care needs not covered by your current plan.
With an HSA, you can pay for qualified medical expenses using tax-free dollars. These funds belong to you, not your employer or health insurance company. You can also transfer your HSA between employers and insurance companies.
With a minimum deposit of $50, you own and control the money in your HSA, so decisions on how to spend the money or invest the funds are made by you.
Note that for 2017, the year’s contribution limit is $3,400 for single coverage and $6,750 for a family.
You qualify for an HSA if you:
- Have coverage under an HSA-qualified High Deductible Health Plan (HDHP).
- Are not covered by any other health plan that is not an HDHP (with exceptions for plans providing certain limited types of coverage).
- Are not enrolled in Medicare.
- Are not claimed as a dependent on someone else's tax return.
Benefits of an HSA:
- Help employees become better healthcare consumers.
- Payouts for qualified medical expenses are tax-free.
- Savings are owned by the individual and can move from employer to employer.
- Can roll over year-to-year to create a sizable retirement nest egg.
- Accumulated interest and dividends are tax-free or tax-deferred.
- Contributions by employers are exempt from payroll taxes.
If you are wanting to create an HSA with First Kentucky, there are options for you.
- Transfer your HSA from another provider.
- Rollover your IRA into an HSA.
- Employer? Contribute to these accounts as part of your employees’ benefits package.
- Start your first HSA if you are a part of an HSA-qualified, High Deductible Health Plan (HDHP) and meet the other requirements.
HSAs are governed by the HSA agreement. Other terms and conditions may apply.
How to Sign Up
Are you a business leader or individual interested in learning more? Fill out this quick form and we’ll get back to you!* Or, stop by your local First Kentucky branch and we’d be happy to help you begin the signup process.
*This is only an inquiry form; it is not the application. We know healthcare costs can be expensive and are proud to offer you a smart way to save and pay for your medical expenses. We will contact you soon with the next steps!
Verify potential tax benefits with a tax professional.