A HSA (Health Savings Account) is a tax-advantaged account that works with a high-deductible health plan to help you pay for current and future qualified medical expenses. HSAs are offered to qualifying individuals only in conjunction with a high deductible health plan (HDHP).
- Tax Savings – HSA contributions are tax-deductible, and earnings and eligible withdrawals are tax-free, as long as certain requirements are met.
- Ownership and Control – You own your account and decide how to spend your healthcare dollars.
- Convenience – You can use your HSA VisaTM debit card to get instant access to your HSA and pay for eligible out-of-pocket health expenses. You can also use your checkbook to access the funds in your HSA.
- Portability – You can continue your account even if you change places of employment. Guaranty Bank & Trust will still be here to service your account.
- Roll Over – Unlike Flexible Spending Accounts with “use it or lose it” requirements, money left over in your HSA at the end of the year rolls over into the next year.
- Minimum opening balance of $50
- Interest-Bearing account – daily interest paid on entire balance
- Unlimited Check Writing
- Free VisaTM Debit Card*
- Annual maintenance fee of $25 per year will be charged to your HSA on June 30.
A complete fee schedule is available upon enrollment. For more information about an HSA from Guaranty Bank & Trust, please see the Frequently Asked Questions.
*Guaranty Bank & Trust does not charge a fee for using any ATM nationwide. Usage Fee may be charged by the institution that owns the ATM.