Health Savings Account

Introducing the Local Option for Health Savings Accounts.

Farmers State Bank has announced a local option for Health Savings Accounts (HSA), a new product created by the Medicare Reform Act signed into law by President Bush in December, 2003. The law was designed to help individuals save for future qualified medical and retiree health expenses on a tax-free basis. The HSA is a tax exempt savings vehicle available to individuals who are covered by a High Deductible Health Insurance Plan.

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, and continue to earn interest tax-deferred. Also, the account can move with the individual when he or she changes jobs or retires.

The Farmers State 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

• FDIC insured deposits

• Monthly statement

• Internet banking access to review account balances

Please contact a bank representative for more information.

  2013 Farmers State Bank of Camp Point
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