Health Savings Account (HSA's)
A Health Savings Account (HSA) from Victory Community Bank is designed to help eligible individuals with a High Deductible Health Plan (HDHP) save for qualified medical expenses on a tax-advantaged basis. An HDHP is a health insurance plan that generally offers lower premiums in exchange for a higher deductible. Individuals can save by contributing money saved on premiums to their HSA and then using the money to pay for medical expenses.Benefits of a Health Savings Account
- Ownership and control of your account-even if your employer contributes to it.
- Tax-advantaged contributions, earnings and withdrawals for qualified expenses.
- Protection against high or unexpected medical bills.
- Funds roll over from year to year - no need to worry about using up the balance by year-end.
Features and advantages of a Victory Community Bank HSA
- No Account Opening Fee
- Tiered premium rates of interest
- No monthly fee if average daily balance of $500 is kept in account. $2.00 per month if average balance falls below $500. Fee is waived for first six months from account opening date, regardless of your account balance.
- One check per month is free. A fee of $1.50 will be charged per each additional check clearing your account during any one month.
- Checks can be ordered at a cost of $6.50 per 150 checks.
- Unlimited ATM/Debit Card Transactions.
- No annual fee on your HSA debit MasterCard
- Free Victory Community Bank Health Savings Account CheckCard.
- No minimum deposit is required to open your HSA Account.
- Unlimited no surcharge ATM transactions at all US Bank ATM's. You may be charged a terminal fee by another bank when using your card at their ATM when making cash withdrawals and/or balance inquiries.
- 4 free non Victory Community Bank ATM transactions per month.
For more information on HSAs and HDHPs, visit the Department of the Treasury web site: http://www.treas.gov/offices/public-affairs/hsa/
