Premier Banks offers various personal savings accounts to help you reach your financial goals. Whether you're looking for a regular savings or money market account, we have an option to fit your needs. Come in and open a Health Savings Account and start efficiently managing your health care costs, today! Also, numerous Savings Calculators are accessible through the Resource Center.

*This account converts to a regular savings account at age 18.

Contact your personal banker, at a location nearest you, for the most current rates.

We Now Offer Health Savings Accounts!

What are Health Savings Accounts (HSAs)?
 
HSAs are an alternative to traditional health insurance. These accounts can be used to battle rising medical costs, Health Savings Accounts (HSAs) are IRA-like, tax-exempt accounts in which you accumulate savings to pay for medical expenses. HSAs allow you to have lower insurance premiums (through affordable high deductible health plans) while actually decreasing your out-of-pocket medical expenses. Your HSA can be used to cover small and routine medical expenses until your deductible is met.

Who is eligible for an HSA?
 
Individuals covered by HDHPs (high deductible health plans) who are below Medicare eligibility age and who are not covered by any additional health plans. You cannot be listed as a dependant on someone else’s tax return. Ask a Premier Banks employee about how you can obtain a High Deductible Health Plan.

How can you benefit?

• HSA contributions by employer or employee are 100% tax deductible.
• 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• Unused HSA assets may be used for retirement, however, they will be subject to a 10% penalty if withdrawn before the HSA beneficiary turns 65 years of age. Assets withdrawn for non-medical reasons will be subject to income taxes.
• You own and control the money in your HSA. Decisions on how to spend the money are made by you without relying on a third party or a health insurer.
• Tax-free withdrawals to pay medical expenses covered under the HDHP policy, in addition to tax-free withdrawals for many medical services not covered by insurance such as dental, braces, vision, hearing aids and alternative medicines.
• Your funds grow in your account, tax deferred and you can make withdrawals penalty free at age 65.
• Your funds are portable and remain with you even if you switch jobs are unemployed, move, have a change in marital status or obtain future medical coverage.
• You decide what types of investments to make with the money in the account in order to make it grow.

Are HSAs right for you?
 
Come into any Premier Banks location to find out if a Health Savings Account is right for you. Start controlling your health care costs today! For more information on HSAs , call us at (651) 777-7700.

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