HSA Advantages

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• Security – Protection against high or unexpected medical bills.
• Flexibility – Save for current and future needs.
• Savings – Save for future medical expenses and grow the account through earnings.
• Control – Owner makes all decisions.
• Portability – Accounts are completely portable. If you change employers or insurance carriers, you take your HSA with you.
• Ownership – Funds remain in the account from year to year, just like an IRA. No “use it or lose it” rules.
• Tax Savings – Triple tax savings:
• Contributions are 100% tax deductible
• Tax-free earnings through investment
• Tax-free withdrawals for qualified medical expenses.

HSA Eligibility 

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• Must be covered under a high-deductible health plan (“HDHP”). Ask your Great Southern Personal Banker for the current minimum deductibles.
• Not also covered by any other health plan that is not an HDHP
• Not enrolled in Medicare
• Cannot be claimed as a dependent on another person’s tax return

HSA Benefits 

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• No set-up fee
• No annual fee
• Simple enrollment
• Self and employer contributions
• Unlimited check writing privileges
• Free Great Access Debit/ATM card
• Online or PhoneBank account access
• Competitive NOW account rates
• FDIC insured account
• Monthly account statements
• Year-end IRS reporting

Contribution Limits  

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• The maximum annual contribution amount is generally the less of 100% of the annual deductible under the HDHP or a specified amount. Limits are subject to change – ask your Great Southern Personal Banker for the current amount allowed when you apply.
• Annual out-of-pocket health expense limits (including deductibles and co-pays) are also subject to change – ask for the current limits on single and family coverage

Eligible Expenses

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You can use the money in your HSA to pay for any “qualified medical expense” permitted under federal tax law. In general, this includes most medical, dental (including braces for your children) and vision expenses, but not your insurance premium, unless you are unemployed and are collecting Federal unemployment benefits.  For a list of eligible expenses provided by the Internal Revenue Service, please go to www.irs.gov/pubirs-pdf/p502.pdf.

You can use the money in the account to pay for medical expenses of yourself, your spouse, or your dependent children. You can pay for expenses of your spouse and dependent children even if they are not covered by your HDHP.

HSA Basics 

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Click here to download the U.S. Department of the Treasury brochure - PDF 67Kb

How to Open Your HSA 

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1. Enroll in a high deductible health plan (HDHP) with an insurance carrier of your choice.
2. Stop by a Great Southern banking center near you to open your HSA.