Health Savings Account
Put yourself in control of your healthcare spending with a Health Savings Account (HSA) from The Palmetto Bank. Used in conjunction with a high-deductable health plan (HDHP), your HSA allows you to make health spending choices that are right for you, because it’s owned and maintained by you.
Using your HSA
You can use your HSA to pay for or reimburse eligible medical expenses, which can include health insurance deductibles, co-pays, out-of-pocket expenses and even certain over-the-counter medicines for you and your family. The Palmetto Bank makes your HSA easy to use with a convenient debit card, plus online access.
Tax-free benefits
HSAs are completely tax-free. That means you don’t pay a dime in taxes for your contributions, your earnings or your purchases and distributions when the account is used for eligible medical expenses.
Year-to-year rollovers
Your HSA balance also rolls over from year to year, so you build up savings to cover eligible healthcare expenses as needed. In addition, if you have reached age 55 before the close of a taxable year and have not enrolled in Medicare, you may also contribute an additional amount of money known as a catch-up contribution.
Local service
There’s no need to navigate a complicated Web site or spend hours on the phone to get answers. The Palmetto Bank services your account locally, so we’re always available and ready to help.
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| The table below illustrates how the contributions work.
|
| Single Coverage
|
HDHP
High Deductible Plan
|
Maxmium*
HSA Deposit 2010
|
| $1,200 or more
|
$3,050
|
| Family Coverage
|
$2,400 or more
|
$6,150
|
For details about HSA, consult your tax or legal professional.
*2010 Amounts; adjusted annually for inflation.