Health Savings Accounts


A Devon Bank Health Savings Account (HSA) offers important tax advantages to you and your family. Created in Medicare legislation and signed into law at the end of 2003, HSAs allow you to combine a lower-cost high-deductible health insurance policy with a separate tax-free savings account that you can use to pay deductibles and other out-of-pocket medical expenses. 


The account can be funded by you, by your employer, or partially funded by both of you. Funds deposited in an HSA can reduce the taxes you pay. To be eligible for an HSA, you must be covered by a high-deductible health insurance plan. This is a plan with a $1,250 (or higher) deductible for an individual; $2,500 (or higher) for a family. Other restrictions apply.


Annual deposits, whether from you, your employer or both, can be made up to the amount of the insurance plan deductible. Ceiling amounts change annualy. The accountholder is accountable for how the funds in the HSA are appropriated and could be subject to penalties if HSA funds are withdrawn and used for non-qualified expenditures.


BENEFITS TO YOU


For more information on Health Savings Accounts, log on to:
www.irs.gov

To open a Devon Bank Health Savings Account
Click here
 or call (773) 465-2500. 

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