Health Savings Account
A Health Savings Account (HSA) is a tax-free checking account created by the U.S. Government to help American families with health care costs. HSAs are available at Wadena State Bank. The WSB Health Savings Account allows individual coverage under a qualified high-deductible health plan to make tax deductible contributions into an HSA and then use the funds tax-free to pay for out-of-pocket medical expenses.
Distributions are not taxable as long as they are used to pay for qualified medical expenses such as: prescription drugs, over the counter drugs, doctors office visits or hospital care, vision care, dental work, long-term care insurance premiums, COBRA premiums, health insurance premiums during any period of unemployment.
HSA Account Fees & Services:
- Interest bearing safekeeping checking account; first 50 checks at no charge. Online banking and phone banking services available. ATM debit card provided at no charge.