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Elkhorn Valley Bank & Trust is pleased to offer you a Health Savings Account (HSA) that is sure to meet your needs. With an HSA you will earn a high rate of interest on your entire balance, with no minimum balance. Personalized checks and a Visa debit card may be ordered through Elkhorn Valley Bank at no charge. Unused funds earn a high rate of interest and accumulate through the years for your future use. We report your contributions and distributions to the IRS each year. The tax advantages and cost savings are significant with the IRS approved Health Savings Plan.
Establishing a Health Savings Account (HSA) is easy. The first step is to apply for an HSA eligible health insurance plan with your insurance agent. After your HSA high-deductible health insurance becomes effective and we receive your HSA application, we can proceed with the HSA documents and account set up. A small, one time set up fee of $20.00 will be charged upon account opening. A $1.75 service charge will be charged to the account every month thereafter. You may contribute to your HSA at your own convenience. Throughout the year, you will pay qualified medical expenses by writing a check or using a Visa debit card linked to your HSA account. Keep your medical receipts on file to substantiate your distributions to the IRS. After year-end, we will report your prior year's contributions and distributions to the IRS. Your tax preparer will need to attach a Form 8889 to your tax return.
Consult your tax advisor regarding the tax benefits of the Health Savings Account product. Your health insurance policy must meet federal guidelines for use with an HSA. Contribution eligibility is based on the IRS rules. Overdrawing your HSA may cause the plan to be disqualified by the IRS, and overdrafts are the sole responsibility of the account holder. Elkhorn Valley Bank & Trust accepts no responsibility for certifying distributions from the Health Savings Account in accordance with the IRS rulings. At our discretion, we may change the interest rate and annual percentage yield on your account at any time. Interest begins to accrue on the business day you deposit noncash items (for example, checks). Contact a bank representative for rates & additional disclosures. Interest is paid on the daily balance*, compounded daily, and credited monthly.
*The daily balance is the full amount of the principal in the account each day of the statement cycle.
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