HEALTH SAVINGS ACCOUNTS (HSAs)
Commercial Savings Bank offers Health Savings Accounts (HSAs) for eligible employees. HSAs are the latest in tax-exempt medical benefits available to consumers. Health Savings Accounts are set up by you to pay out of pocket medical expenses. In order to be eligible for an HSA, you must have a high deductible health plan, you cannot be enrolled in Medicare, you cannot be claimed as a dependent on someone else's tax return, and you must not be covered by another high deductible health plan.
Sole proprietors and others who are self-employed can have an HSA and are, in fact, often ideal candidates for an HSA. In such situations, the business owner is both employer and employee. HSAs are often advantageous for the self-employed because
high-deductible health insurance plans generally have modest premium costs, and may be an effective cost-containment mechanism for the employer,
Tax benefits include:
Upon death, HSA assets become the property of a named death beneficiary, or of the HSA account beneficiary's estate. A spouse may treat the assets as his or her own HSA, while nonspouse death beneficiaries must treat such assets as ordinary taxable income.
Consult your tax adviser for eligibility requirements and deductibility.
Check out our online banking. You can view your accounts, check your balances, or transfer funds - and you can do it any time and from anywhere.
Contact us today to get your account established.
See HSA Brochure for additional information.