A Holcomb State Bank HSA, or Health Savings Account, is a special account held by an individual to pay for current and future medical expenses. You must meet eligibility requirements and have a qualified high deductible health plan (HDHP) in order to open a Holcomb HSA Account.
Holcomb State Bank Health Savings Accounts operate like a checking account; you will have access to:
- Monthly Statements
- Debit Card
- Free Check Images
- Free Online Banking
- Free Account Set-up
Money accumulates and remains with you. The funds in the account can be used for non-medical expenses, but they are subject to ordinary tax plus a 10 percent penalty if you are under the age of 65. This 10 percent penalty does not apply if you are over the age of 65. This 10 percent penalty does not apply if the distribution occurs after disability or death.
Neither contributions, earnings nor withdrawals (for qualified medical expenses) are taxed.
Accounts move with you if you change employers or retire.
A Savings Tool For Future Health Needs
Unused contributions accumulate and can be rolled over from year to year for future medical expenses.