Save for health expenses and enjoy tax savings too! These new tax favored accounts are for individuals or families who have health coverage under a high deductible health plan. Enjoy tax deductible contributions and tax free withdrawals for qualified medical expenses. Check with your insurance provider to see if you are eligible to open a Health Savings Account. Accounts can be opened at any of our 24 convenient branch offices.

Features of the SYB Health Savings Account:

• Available to individuals under age 65 with a high deductible health plan*.
• Contributions are fully tax deductible regardless of income level.
• Contribution limits have been expanded for tax years 2007 and beyond
  • $2,850 for single coverage (regardless of deductible)
  • $5,650 for family coverage (regardless of deductible)
• Individuals over age 55 can contribute an additional $800 for 2007.
• Plans established mid-year can make full annual contribution – no more pro-rating of contributions.
• No monthly service fee
• No setup charge
• Debit card and check access
• Competitive interest paid on balances over $100
• Contributions and interest are withdrawn tax free for qualified medical expenses.
• Funds deposited in interest bearing money market savings account.
• Permitted insurance allows for expanded coverage (dictated by HDHP).
• Funds withdrawn for non alified medical expenses are subject to tax and penalty.
  

*Consult IRS notice 2004-50,  or www.ustreas.gov/offices/public-affairs/hsa/ or your insurance provider for full details on the Health Savings Account. It is the responsibility of the account holder to determine HSA eligibility of insurance plan prior to establishing HSA  account. Qualification of contributions and distributions are the liability of the account holder.

 

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