Health Savings Account
Take control of your medical expenses with our Health Savings Accounts. Ideal for individuals and employers, NebraskaLand Bank offers our team of experts to guide you through enrollment.
Features
Requirements
- Low, one-time setup fee of $14 and $3/month service charge
- $100 minimum opening deposit required
HSA CONTRIBUTION LIMITS
| Year |
Self-Only Coverage |
If age 55 or older |
Family Coverage |
If age 55 or older |
| 2023 |
$3,850 |
$4,850 |
$7,750 |
$8,750 |
| 2024 |
$4,150 |
$5,150 |
$8,300 |
$9,300 |
What is a Health Savings Account?
An HSA is 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 an HSA.
How does an HSA work?
HSAs are similar to Traditional IRAs, except the money is used to pay for qualified health care costs. Contributions can be tax-deductible and distributions are tax-free when used for qualified medical expenses. Interest earned is tax-deferred and unused balances rollover from year to year.
Who can qualify?
Anyone with a high deductible health insurance plan is eligible for an HSA provided they are not covered by another health insurance plan, entitled to Medicare or can’t be claimed as a dependent on someone else's tax return.
*Health Savings Accounts are subject to eligibility requirements and restrictions on deposits and withdrawals to avoid IRS penalties. State taxes may apply. Consult a tax adviser with questions.
Ready to see if you qualify?
Contact a Personal Banker and start saving today!
Do you still have questions? Take a look at our blog post on HSAs or contact a Personal Banker by clicking the button below.