Eligible Medical Expenses (for HSA Distributions)
To qualify for an HSA, you must:
- Have coverage under an HSA-qualified "high deductible health plan" (HDHP).
- Have no other first-dollar medical coverage (other types of insurance like specific injury insurance or accident, disability, dental care, vision care, or longterm care insurance are permitted).
- Not be enrolled in Medicare.
- Not be claimed as a dependent on someone else's tax return.
If you do not already have an HDHP, we can help you find a company or agent that will be able to help you obtain one through our Insurance Department.
Fees and Charges
Withdrawal Options: Health Savings Checking Account
Contact InformationContact Community State Bank at (262) 878-3763 to learn how to get started with a new Health Savings Account.
Health Savings Accounts create unique tax benefits for accountholders/individuals.
- Contributions are 100% tax-deductible
- Funds grow on a tax-deferred basis, and if the funds are used for an eligible medical expense, the funds are tax-free
- Funds roll over from year to year, and funds used after age 65 are able to be used tax-free for eligible medical expenses or at your normal tax rate for any other reason
- Over the life of your Health Savings Account, you could save thousands of dollars in taxes.
Federally qualified Health Savings Accounts are tax-deductible, tax-deferred and tax-free.
Tax-deductible - Contributions to your HSA are able to be deducted from your gross income.
Tax-deferred - HSA funds grow without being subject to taxes until they are used for non-eligible medical expenses.
Tax-free - The Funds in an HSA are completely tax-free when used for eligible medical expenses.
Federal vs. State Tax Benefits
Health Savings Accounts are made available through the federal government on a tax favored basis. To determine if your state also provides tax benefits for Health Savings Accounts, please contact your state tax resource.