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.
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 Money can be deposited at any time and easily withdrawn.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.
Our competitive interest rates allow your balance to grow and earnings are tax free.
Please Note: Premier Health Savings Account Annual Fee - $15.00
To learn more about our Health Savings Account, visit our Online Education Center today!
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.
You are eligible for a HSA contribution if, with respect to any month, you:
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.
The Internal Revenue Service regulates the maximum amount you can contribute and varies each year. 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.
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.
You may 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.
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.
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.