The Smart Way to Manage Medical Expenses

Doctor’s bills. Expensive prescriptions. Rising health insurance premiums. It’s enough to give you a headache! More and more people are turning to Health Savings Accounts for relief from the ever-rising costs of health care. Established by the Medicare Reform Act of December 2003, Health Savings Accounts (HSAs) are simply tax-advantaged accounts to save for medical expenses.

Health Savings Accounts were designed to help individuals save for future qualified medical and retiree health expenses on a tax-free basis. HSAs are available to anyone covered by a Qualified High Deductible Insurance Plan, which by definition has a minimum deductible of $1,100 per individual or $2,200 per family.

Annual HSA contributions are tax deductible up to $2,900 for individuals and $5,800 for families. Accumulated earnings are tax exempt, and all distributions are tax exempt when used to pay for qualified medical expenses.

The HSA is owned by the individual. Balances in the account may accumulate and roll over from year to year, continuing to earn interest on a tax-deferred basis. When an individual changes jobs or retires, the account moves with him or her.

The Marine Bank Health Savings Account offers the efficiency and security of a trusted local custodian, as well as these features:

• No minimum balance requirement
   
• No set-up fee
   
• No annual maintenance fee
   
• Interest-bearing account with HSA checks and deposits
   
• Employer- or individual-directed contributions by electronic transfer
   
• Eight convenient Marine Bank branches
   
• FDIC insured deposits
   
• Monthly statements
   
• Internet banking access to review account balances


• HSA debit cards

To download our HSA Brochure, click here. (requires Adobe Reader)