Did you know that you can open an HSA with Wayne Bank?

This is a beneficial option for anyone who does not have an HSA option with their employer. This is also a great option for someone who owns their own small business or works as a freelance consultant without a strong insurance plan. An HSA plan is an individually owned, tax advantaged account for those that have high deductible health plans (HDHP).
 
You can use these funds for health care expenses or save the funds for future healthcare expenses. The beauty of an HSA plan is that you decide what expenses you pay using your HSA fund – not us! An HSA offers triple tax savings with:
 
  • Pre-tax or tax-deductible contributions
  • Tax-free interest and investment earnings
  • Tax-free distributions (when used for eligible medical expenses)
Consult your tax adviser for details on tax savings. 
 
By creating an HSA plan with Wayne Bank, you receive the following offers:
 
  • No enrollment fees
  • No annual fee
  • Free debit card for you and an authorized signer with no transaction fees
  • Free online banking
  • Free e-Statements
  • Free checks
  • Tiered interest rate
  • $100 opening deposit (no minimum deposit if employer sponsored with direct deposit)
  • Minimum daily balance of $2,500, or a monthly direct deposit and eStatement to avoid a fee
*Fees may apply.  See our PDF Miscellaneous Fees and Charges Schedule for details.
 
 
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Frequently Asked Questions about Health Savings Accounts

Q: What are the benefits of an HSA?
A: Contributions are pre-tax or tax-deductible and can be made by anyone. In addition, earnings are tax deferred.
 
Q: Who can use the HSA plan?
A: You can use your HSA plan for you, your spouse, or your tax dependents.
 
Q: What happens to unused funds at the end of the year?
A: You can carry over any unused funds and earnings year-over-year.
 
Q: What happens if I change jobs?
A: HSA plans are portable. That means even if you change jobs or stop working, you keep your saved funds. There is no “use it or lose it” rule for your HSA plan with Wayne Bank.
 
Q: What are the eligibility requirements for an HSA plan?
A: To be eligible for an HSA plan, you must be enrolled in a high deductible health plan (HDHP). An HDHP generally has a lower premium than other types of health plans, but also has higher deductibles. There are minimal deductibles and limited out-of-pocket expenses to qualify as an HDHP. You should ask your health insurance provider to see if your health care plan meets these requirements.
 
* Distributions are tax-free if you use them for qualified medical expenses.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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