HSAs -Tax Exempt Health Savings Accounts for Individuals

What are HSAs? - Health Savings Accounts are tax-exempt accounts in a qualified Financial Institution where funds grow tax-free to pay for qualified medical expenses. HSAs were were created by the Medicare Bill signed by President Bush on December 8, 2003 to help provide financial control to consumers for medical care and lower healthcare costs. Qualified medical expenses include most medical care such as dental, vision and over-the-counter drugs. The accounts provide a financial incentive for the consumer to select and purchase a High Deductible Heath Plan (HDHP). The account holder must be covered under a HDHP. An HSA belongs to the insured account holder. If the account holder changes jobs, the HSA goes with them.

The money in the account rolls over every year. There is no mandated "use it or lose it" as with Medical Reimbursement Accounts. Contributions to an HSA are tax-deductible and distributions can be taken tax-free. The money in the HSA account can be invested to take advantage of the potential for future growth. Investment options vary depending on who is managing the account. Contributions are made into the account by the individual or the individual's employer and are limited to a maximum amount each year.

For additional information see the IRS guidelines:
www.irs.gov/publications/p969/ar02.html

The following Organizations Assist in the Creation of Qualified HSA Accounts:

             Bancorp bank - www.bancorphsa.com
        Bank of America - www.bankofamerica.com
        Charter One bank - www.charterone.com
        Chase - www.chasehsa.com
          CitiBank - www.citibank.com
          Citizens Bank - www.citizensbank.com
          OptumHealthBank - www.optumhealthbank.com
          First HSA - www.1hsa.com
          First Merit Bank - www.firstmeritbank.com
          First Third Bank - www.53hsa.com
        HSA Bank - www.hsabank.com
          HSA Finder - www.hsafinder.com
          Huntington Bank - www.huntington.com
          Key Bank - www.key.com
          LaPorte Saving Bank - www.laportesavingsbank.com
          Mellon bank - www.hsamember.com
          Ohio Commerce Bank - www.ohiocommercebank.com
          PNC Bank - www.pnc.com
          Sovereign Bank - www.sovereignbank.com
          Sterling Savings Bank - www.sterlingsavingsbank.com
          Sun Trust - www.suntrust.com
          U.S. Bank - www.usbank.com

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                                      HSA Plans
                          (Alphabetical Order)

                    · Bank of America
                  · Chase
                  · First HSA
                  · First Merit Bank
                  · HSA Finder
                  · Mellon Bank
                  · OptumHealthBank
                  · PNC Bank

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