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LGE offers Health Savings Accounts (HSA's), which are tax-free accounts that you can use to pay for qualified medical expenses.
If you have medical insurance with a high deductible of at least $1,100 (single) or $2,200 (family), and if your insurance plan's maximum out-of-pocket expenses are at least $5,600 per year (single) or $11,200 per year (family), you may be eligible*.
Each year you can make pre-tax contributions to your HSA of up to $2,900 (single coverage) or $5,800 (family coverage). An additional $900 in "catch-up contributions" is permitted for individuals age 55 and older. Your employer may even choose to contribute as well. What's more, HSA account balances roll over each year versus the "use or lose" feature of Flex Spending Accounts. And the earnings your account accumulates are tax-deferred.
Both employer and employee can gain from the program because plans with high deductibles are less expensive. Plus any contributions are pre-tax and the account grows tax-free.
You can withdraw HSA account dollars, tax-free, for any qualified medical expenses such as Lasik surgery, flu shots, or even aspirin. Furthermore, at LGE, we will allow you to write checks against your HSA. And the first box is free!
The government estimates that over 3 million Americans currently own these tax-advantaged accounts.
- No monthly service fees.
- Unlimited check writing.
- First box of HSA checks free.
- Convenient deposits by payroll transfer.
- Earnings on the account are tax-deferred.
- Withdrawals for qualified medical expenses are tax-free.
For more information, please stop by a branch or call us at 770-424-0060 or 800-541-8921.
*For eligibility and tax benefits, please consult your tax adviser. A $5.00 minimum balance is required to maintain a membership (base) savings with LGE in order to open an HSA. Minimum initial HSA deposit is $50.
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