Even people with healthy lifestyles can get sick or injured. And almost everyone needs dental work, vision care or prescription drugs at some point. For individuals and families with high-deductible insurance plans, these costs can strain household budgets. A tax-friendly Health Savings Account (HSA) allows you to set aside thousands of dollars in advance for a wide range of treatment.
- For individuals and families with high-deductible medical coverage
- Individuals can contribute up to $4,300 annually, while families can contribute up to $8,550
- People age 55 and older can contribute an additional $1,000 per year
- Contributions are tax-deductible, interest earnings are tax-exempt and distributions for qualified expenses are tax-free
- Access account at Cashmere Bank branches with a Visa debit rewards card or through Online, Mobile or Telephone Banking
- Account interest rates are tiered, so the more you save the more you earn
- Unused funds in any one year automatically roll over to the next year
- $100 initial opening deposit required
- $2.50 monthly fee can be waived with $500 minimum aggregate average daily balance between checking, savings and time deposit accounts - or $2,500 minimum daily HSA balance
Qualified Medical Expenses:
HSA withdrawals are tax-free and penalty-free if used for qualified medical expenses. See IRS Publication 502 for a comprehensive list of qualified expenses. Examples include:
- Medical exams
- Dental treatment
- Prescription medications
- Medical equipment
- Chiropractor treatments
- Vision treatment and hardware
- Hospital admissions
- Home nursing care
Account Fees:
- Overdraft Paid Item Fee1 - $25.00 per item
- Stop Payment2 - $25.00 each
- Box of checks - prices vary
(1) Overdraft items can be created by check, in-person withdrawals, or by electronic means (including recurring transactions) other than point of sale (POS) or ATM transactions.
Maximum of five (5) fees per business day.
(2) A request made by you, ordering the Bank to not pay a check or a series of checks that have been written but not cashed.