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Health Savings Accounts

How will you manage the rising costs of healthcare?

Health Savings Accounts

As healthcare costs continue to rise, many Americans are forced to evaluate their insurance plans and savings habits to ensure they can continue to manage their healthcare expenses.  As a result, many individuals, families and even employers are seeking Health Savings Accounts, which help save money specifically for healthcare expenses while earning interest and reaping the benefits of tax advantages.  

Health Savings Accounts (HSAs) are still a widely misunderstood financial tool.  In this article, you will learn what they are, how they work, and where you can find additional information.  

What is a Health Savings Account?

  • A HSA is money put in an account owned by an individual to pay for future qualified medical expenses. If you have a high deductible health insurance plan, you could qualify for a HSA.  
  • Despite being called a savings account, a HSA is technically a checking account that earns interest.  HSA owners can contribute up to $3,350 for individuals and $6,550 for families in 2015.  Both employees and employers can contribute to a Health Savings Account.  
  • Small businesses are especially well served by HSAs.  Traditional health care insurance is often too expensive for small businesses to offer.  With a high-deductible plan and corresponding HSA, business owners can offer employees the health care security they need. 

How does a HSA work?

  • A HSA works like an IRA, except the money is used to pay for qualified health care costs. Contributions can be tax-deductible and distributions are tax-free when they are used for qualified medical expenses.  Interest earned is tax-deferred and unused balances rollover from year to year. 
  • Anyone with a high deductible health insurance plan is eligible for a HSA provided they are not covered by another health insurance plan, entitled to Medicare or cannot be claimed as a dependent on someone else’s tax return.  

Additional questions?
For more information, contact a Personal Banker at NebraskaLand National Bank or visit to see our competitive HSA product and interest rates.  

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