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health savings accounts

Citywide Banks Health Savings Accounts

  • No monthly balance service fee with a minimum daily balance of $1,000.00
  • $3.00 monthly balance service fee if minimum daily balance falls below $1,000.00
  • One time set up fee for the employer of $25.00.  No additional setup fee for the employees.
  • Tiered interest rates on daily balances beginning at $100.00 and greater.
  • Check Safekeeping - can access copies of canceled checks online.
  • Free Debit card (annual fee waived only).
  • Regular cost of printed checks.

What are HSA's tax advantages?

HSAs can provide significant tax benefits to eligible individuals.  Not only can HSAs provide tax benefits related to paying qualified medical expenses, they may also provide benefits similar to many tax-favored retirement plans.  A summary of HSA tax advantages is shown below.
  • HSA contributions - by employer or employee - are excluded from income.
  • HSA earnings are tax deferred.
  • If used for qualified medical expenses, HSA assets are never taxed.
  • Unused HSA assets may be used for retirement; however, they will be subject to a 10 percent penalty until the HSA account beneficiary turns age 65.  If not used for medical expenses, they will be subject to income taxes.
Upon death, HSA assets become the property of a named death beneficiary, or of the HSA account beneficiary's estate.  A spouse may treat the assets as his or her own HSA, while nonspouse death beneficiaries must treat such assets as ordinary taxable income.