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.