| What is a Health Savings Account? |
Old Fort Bank's Health Savings Account Offer a Variable Tiered Rate of Interest
Lets take a look at the tiers:
$0.00 - $1999.99
$2,000.00 - $9,999.99
$10,000.00 and over
Stop by any Old Fort Bank Office for rates or login www.oldfortbank.com and click on the rates tab.
Let's Examine the Fees
Minimum opening balance
$50.00
HSA Debit Card (funds not available at ATM)
Free
Electronic transfers (in and out)
Free
Annual Fee $25.00
(Fee assessed on January 1st of each year)
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A Health Savings Account (HSA) is a high deductible insurance plan combined with a savings account to be used for your medical expenses. Contributions made are tax-deductible, as are qualified medical expenses.
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| Why Opt for a Health Savings Account? |
- A lower cost, high deductible health insurance plan
- A tax favored health savings account
- Interest rate higher than traditional savings accounts
- Dollars you don't use will continue to accumulate year after year
- Cash contributions are tax deductible as well as qualified medical expenses
- The use of a HSA debit card and checks make it easy to access your HSA account
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| Am I Eligible for a HSA? |
If you meet the requirements listed below:
You are covered by a high deductible health plan (HDHP). Minimum deductible for an individual is $1,100 or $2,200 for families
Your annual out of pocket expenses which includes deductible and co-pays cannot exceed $5,500 for individuals and $11,000 for families
You are NOT enrolled in Medicare
You cannot be covered by another health plan other than an HDHP
You cannot be claimed as a dependent on someone else's tax return
Under the age of 65
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| How much can I contribute to my HSA? |
Annually in 2007 : 100% of your deductible up to $2,850 for individuals and $5,650 for families
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| How are HSA distributions taxed? |
Upon your death, upon your disability or upon reaching the age of 65. HSA distributions that are not rolled over will be considered taxable income unless used for qualified medical expenses
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| How will I know how much money is in my HSA account? |
This account is set up similar to an Old Fort Bank checking account. You will be given HSA checks and a HSA debit card to access the account. You may check your balance at any of our offices or by Telebank or Online Banking. You will also receive a monthly statement.
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| How do I know if my health care services qualify or not? |
To insure they are qualified expenses you may call 1-800-829-3676 to order IRS Publication 502 or by logging into www.irs.gov. In the search module type in IRS Publication 502. You are responsible for determining whether a distribution is a qualified medical expense.
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| How do I make payments for health care services? |
You may make payments by using your HSA checks or HSA debit card or by electronic withdrawal if your health care service provider has that option available.
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| How do I set-up a HSA? |
Simply stop by an Old Fort Bank office or print the Health Savings Account Application, complete and stop by one of our offices.
 Click here to print the application...
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| What information will I need to open a HSA? |
Your social security number
A valid U.S. Driver's License or State ID card
or
Another form of identification or an U.S. Birth Certificate
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| For more details please contact: |
Sheri Lehner - HSA Coordinator
419-355-9078 ext. 1301
or email at
slehner@oldfortbank.com
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