Health Savings Account (HSA)

Advantages of opening an HSA at CFB

Are you looking for a smarter way to manage your health expenses and enjoy incredible tax benefits?
Citizens First Bank brings you Health Savings Accounts (HSAs) with significant tax advantages:

1. 1. Competitive Interest Rate
   2. Tax-Free Contributions: Your contributions to your HSA are pre-tax, reducing your taxable income.
   3. Tax-Free Growth: As your HSA balance grows, it’s not subjected to any taxes, so your savings can flourish.
   4. Tax-Free Distributions: When you use your HSA for qualified medical expenses, your distributions remain tax-free.
   5. Tax Advantage: Every dollar you put into an HSA enjoys a tax advantage since you’re exempt from Social Security and Medicare taxes.
   6. Supplement Your Retirement: When you turn 65, you can take distributions for non-qualified medical expenses, paying only ordinary income tax.
   7. 24/7 Access to Tax Forms: Using CFB Digital Banking you can access your tax forms when you need them.

A Health Savings Account (HSA) is a type of account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses. By using untaxed dollars in an HSA to pay for deductibles, copayments, coinsurance, and some other expenses, you may be able to lower your out-of-pocket health care costs.

Health Savings Account (HSA) Rates

*APY= Annual Percentage Yield. APY accurate as of October 1, 2024.
Fees could reduce earnings. Interest Rates and APY may change after the account is opened.

CFB HSA DETAILS

The 2024 maximum contribution for an individual is $4,150.00 and for a family is $8,300.00. If you are over the age of 55, you can contribute an extra $1,000.00 to your HSA.

• • Pays Interest: See Personal Bankers or compare Rates
  • Minimum to Open: $0
  • Annual Service Fee :$0
  • Paper Statement Fee: A paper statement fee of $5 will be charged for your Cash Rewards Checking account per statement cycle. The charge will post to your account at the end of the statement cycle. To avoid the Paper Statement Fee, enroll in electronic statements. Pleaser refer to our fee schedule for additional information about charges. Subject to Iowa state and local sales tax.

Other Account Details and Benefits

Digital Banking, and a debit card at no charge. Checks available for purchase.

See your Personal Banker for full account disclosures.

Qualifying for an HSA Contribution

To be an eligible individual and qualify for an HSA contribution, you must meet the following requirements:

• You are covered under an HSA eligible health plan, on the first day of the month.
• You have no other health coverage except what is permitted.
• You aren’t enrolled in Medicare.
• You can’t be claimed as a dependent on someone else’s tax return.

Click here for details on HSAs

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