Premier Health Savings Account

We believe that helping you meet the rising cost of health care is the key to developing an effective financial plan.  That's why we're offering the Premier Health Savings Account.  With an HSA from Premier Community Bank, your savings (and the interest it earns) will allow you to pay for qualified medical expenses today and in the future - tax free*!  It gives you greater control in managing your health care investment and growing cost of health care services.

• Straight Answers to Your HSA Questions

Easy to Use

The Premier HSA works just like a checking account.  Money can be deposited at any time and easily withdrawn.  Use the Premier Community Bank HSA checks or check card to pay for qualified medical expenses.  You can even make payments online using Premier Community Bank Online Banking with Bill Payment.

Competitive Interest Rates

Our competitive interest rates allow your balance to grow and earnings are tax free.

Rates

Money Savings Extras

• Receive a no annual fee Premier Community Bank HSA check card with unlimited
  transactions.  Personalized checks are available upon request.
• Free Online Banking with Bill Payment allows you to conveniently review your balance, transfer funds, track spending and pay bills.
• All required annual tax reports and convenient monthly statements will be provided 
  to you.

Please Note: Premier Health Savings Account Annual Fee - $15.00

To learn more about our Health Savings Account, visit our Online Education Center today!

Straight Answers to Your HSA Questions

What is a Health Savings Account?

A Health Savings Account (HSA) is a tax-exempt trust or custodial account established exclusively for the purpose of paying or reimbursing qualified medical expenses of you, your spouse, and your dependents.

Am I Eligible for an HSA?

You are eligible for a HSA contribution if, with respect to any month, you:

• Are covered under a high-deductible health plan (HDHP).
• Are not also covered by any other health plan that is not a HDHP (with certain
  exceptions for plans providing preventive care and limited types of permitted
  insurance and permitted coverage).
• Are not enrolled in Medicare and cannot be claimed as a dependent on another
  person's tax return.

Who Can Contribute to My HSA?

If you meet the eligibility requirements for an HSA, you, your employer, your family members, and any other person (including non-individuals) may contribute to your HSA.  This is true whether you are self-employed or unemployed.

How Much Can I Contribute to My HSA?

The maximum annual contribution amount is generally the lesser of 100 percent of the annual deductible under the HDHP or a specified amount.  Additionally, a "catch-up" contribution is available for eligible individuals who are age 55 or older by the end of their taxable year and have not enrolled in Medicare.

What are the Federal Tax Benefits of an HSA?

Contributions to an HSA are fully deductible, the earnings grow tax deferred, and distributions for qualified medical expenses are tax free*.  Consult with your tax or legal professional for guidance.

How Do I Claim the Federal Tax Deduction for My HSA contribution?

You many deduct contributions made by anyone other than your employer as long as they do not exceed the maximum annual contribution amount.  Employer contributions are not wages for federal income tax purposes.

When is the Contribution Deadline for Funding an HSA?

The deadline for regular and catch-up HSA contribution is your federal income tax return due date, excluding extensions, for that taxable year.  The due date for most taxpayers is April 15th.

How is HSA Activity Reported?

Each year, your HSA custodian/trustee reports to the IRS on IRS Form 5498-SA the contributions made to your HSA and on IRS Form 1099-SA any HSA distributions you take.  In addition, you file Form 8889, Health Savings Account (HSAs), as part of your Federal income tax return to show your HSA contribution and distribution activity. 

*Please consult with your tax professional regarding the tax status and effect of HSA transactions.  

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