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Health Savings Accounts (HSAs) are savings accounts that were established by the Medical Reform bill. The account allows you to set aside pre-tax money to cover medical expenses, health costs and prescription drug expenditures that are not covered by your high deductible insurance policy.
Anyone with a qualified high deductible health insurance plan — individuals, employers and employees can contribute to an HSA.
In 2010, the maximum contribution for an individual may be up to $3,050 and for a family may be up to $6,150. Please consult your professional accountant or certified tax specialist for the maximum contribution amount as some HSA maximum contributions may cap at your high deductible or high-out-of-pocket expense.
Only qualified medical expenses are withdrawn tax-free. Funds can be withdrawn for any reason but are subject to a penalty.
First South HSAs earn interest, click here for our current rates. |
| Just call 901.380.7400, e-mail us or go to the U.S. Department of Treasury's website here for more HSA information! |
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