At United Farmers State Bank, we offer Health Savings Accounts (HSAs) that allows individuals to save for current and future medical expenses. Individuals enrolled in high-deductible health plans can use HSAs to pay for and reimburse qualified medical expenses for themselves, their spouse, and their dependents. Account holders can access their funds via checks or HSA Debit Card.
Contributions to your HSA are tax-deductive and earnings are tax-deferred. HSA assets are tax-free if they are used for qualified medical expenses and can also be used for retirement. Qualified medical expense include medical, vision, prescription and dental expenses. A complete list of qualified medical expenses is available from the IRS. Please note the list is subject to change.
HSAs are an interest bearing account; the daily balance method is used to calculate the interest. You must maintain a minimum balance of $0.01 in the account each day to obtain the disclosed annual percentage yield. Interest is compounded and credited to the account quarterly. There is no minimum amount to open an HSA; however, there is a $25 HSA account opening fee.
Please call, email or stop in to one of our three branch locations for more information on HSAs, including rate information.