SSB COVID-19 Update: Click Here Frequently for Important Customer Information.
With concerns growing nationwide about the coronavirus, or COVID-19, pandemic, the IRS has issued guidance confirming that Americans financing their health care with a health savings account can access free COVID-19 testing. Read the Notice Here. Additionally, the IRS announced special Federal income tax return filing and payment relief which may impact your HSA. Read details here.
Our Health Savings Account (HSA) option in Baxter and Des Moies, Iowa is a tax-advantaged deposit account established for the exclusive purpose of paying qualified medical expenses. If you are enrolled in a health insurance plan designated by your provider as an HSA eligible High Deductible Health Plan (HDHP) and meet other eligibility guidelines, you may open an HSA. State Savings Bank Health Savings Accounts are available to residents of Iowa living in Polk, Jasper, and surrounding counties.
In addition to any costs savings you realize by enrolling in an HDHP, pairing this type of health care plan with an HSA provides these three tax advantages:
This is what is known as "triple-tax-free"; you receive a deduction when you contribute the funds, funds are sheltered from taxation while they grow in the account, and funds can be withdrawn tax-free.
Always refer to the most recent IRS Publication 969: Health Savings Accounts and Other Tax-Favored Health Plans and the HSA Custodial Organizer for official account use and tax guidelines.
State Savings Bank has two HSA accounts available in Des Moines and Baxter, HSA Self-Only for an account owner with a single coverage HDHP, and HSA Family for an account owner with a family coverage HDHP. The features of the accounts are identical with the exception of the maximum annual contribution limits.
An HSA works in conjunction with your HDHP. You deposit funds into your HSA and then use those funds to pay for qualified out-of-pocket medical expenses, such as your insurance deductible, and medical, dental and vision expenses including those not covered by your plan. Money in your account earns interest and accumulates from year to year. The bank maintains the records necessary for IRS reporting on the HSA.
There are annual limits set by the Internal Revenue Service each year guiding how much you and/or your employer can contribute to an HSA. HSA contributions for a particular tax year can be made any time prior to filing your federal income tax return for the taxable year.
|Self-Only Coverage - $3,500||Self-Only Coverage - $3,550|
|Family Coverage - $7,000||Family Coverage - $7,100|
|Catch up Contribution - $1,000 (Age 55 or Older)||Catch up Contribution - $1,000 (Age 55 or Older)|
You are responsible for knowing your contribution limits, contribution deadlines, account balances, ongoing eligibility of account holders, impending contribution deadlines, and for keeping receipts and records to support the account's distributions. You are also responsible for knowing the details of your HDHP plan, such as your deductible and coverage details.
You may transfer some or all of your balance from an existing HSA or an Archer Medical Savings Account (MSA), to a State Savings Bank HSA. After you open your HSA here, contact your existing HSA or MSA provider for a rollover form and they will initiate the transfer. Additionally, you may do a one-time rollover from a Flexible Spending Account (FSA), a Health Reimbursement Account (HRA), or an Individual Retirement Account (IRA).
We have compiled a list of Frequently Asked Questions to help you better understand Health Savings Accounts.
If you have additional questions and would like us to contact you, please click here and fill out the form on the bottom of the page. Be sure to check the Health Savings Account (HSA) checkbox and type a question or comment in the comment box and we will get back to you during normal business hours as quickly as we can.
Your HDHP plan provider is your best resource for details about your specific health plan and can help you understand if yours is eligible for an HSA. We also encourage you to seek the guidance of a tax or legal professional to ensure that you receive the full tax benefits available to HSA account holders.
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4800 Mills Civic Parkway
West Des Moines, IA 50265
102 S. Main, PO Box 67
Baxter, IA 50028