Build a safety net for the future with a health savings account Aug 01, 2013, 10:00 am By Heidi Carmack Pfaffroth

With a new HSA from HealthEquity, save for qualified health care expenses tax-free.

Gain control of future health care costs and build a safety net for the future with a Health Savings Account you can open through Bank of American Fork and provided by HealthEquity®, available August 1, 2013.  As long as you follow IRS rules, an HSA is a tax-free way to save for qualified health care expenses. You own the account and your balances roll over year after year, growing tax-free. You never lose contributions in your HSA.  Bank of American Fork has teamed up with HealthEquity to provide HSAs to our customers, available at www.bankaf.com/HSA or for business owners at www.bankaf.com/BusinessHSA.

Some of the reasons you may want to consider an HSA:

Affordability. Lower the cost of health care premiums by choosing an HSA-qualified health plan.

Ownership. You’ll keep the HSA with you even if you change jobs, health plans or retire. The HSA doesn’t have a “use it or lose it” penalty.

Flexibility. Pay for qualified health care expenses for you and your family, including qualified medical expenses, prescriptions, dental and vision care.

Tax savings. You may be able to reduce income taxes with pre-tax contributions via payroll deductions or contribute directly and take a tax deduction up to 100% of your contribution.

Long-term savings. You can grow your account and interest and investment earnings are tax-free. You will be able to withdraw funds tax-free for future health care expenses.

Some of the reasons to choose an HSA with HealthEquity:

• Free account set-up, with unlimited transactions

• Free HealthEquity Visa® Health Account Card†

• Free 24/7/365 U.S.-based support

• Free investment options with no transaction fees

• Free PayChoice™ online bill-pay tool

• Free mobile app

 

Neither Bank of American Fork nor HealthEquity provides medical or tax advice. Content is not intended to be a substitute for professional medical or tax advice. If you have questions regarding medical condition, please consult a qualified health care professional. Please consult your tax adviser for tax questions.

1 Some states do not recognize HSA contributions as tax-deductible.

2 Example based on a 1% interest rate compounded over time, a 5% state tax rate, and a 25% federal tax rate. Results will vary based on contributions, distributions and applicable tax rates.

† This card is issued by the Bancorp Bank pursuant to a license with Visa U.S.A. Inc. The Bancorp Bank is a Member FDIC.

HealthEquity is a federally registered service mark of HealthEquity, Inc. PayChoice is a trademark of HealthEquity, Inc. VISA® is a federally registered trademark of Visa.

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