Eligible Medical Expenses (For HSA Distributions)

Community State Bank offers many value-added services at an affordable rate, which makes our HSA product the most complete product in the marketplace. We provide our accountholders multiple distribution methods, including debit cards, checks and withdrawal forms.

To qualify for an HSA, you must:

	Have coverage under an HSA-qualified “high deductible health plan” (HDHP).
	Have no other first-dollar medical coverage (other types of insurance like specific injury insurance or accident, disability, dental care, vision care, or longterm care insurance are permitted).
	Not be enrolled in Medicare.
	Not be claimed as a dependent on someone else’s tax return.

If you do not already have an HDHP, we can help you find a company or agent that will be able to help you obtain one through our Insurance Department.

Tax Advantages

Health Savings Accounts create unique tax benefits for accountholders/individuals.

Contributions are 100% tax-deductible
Funds grow on a tax-deferred basis, and if the funds are used for an eligible medical expense,
     the funds are tax-free
Funds roll over from year to year, and funds used after age 65 are able to be used tax-free for
     eligible medical expenses or at your normal tax rate for any other reason
Over the life of your Health Savings Account, you could save thousands of dollars in taxes.

Federally qualified Health Savings Accounts are tax-deductible, tax-deferred and tax-free.

Tax-deductible – Contributions to your HSA are able to be deducted from your gross income.

Tax-deferred – HSA funds grow without being subject to taxes until they are used for non-eligible medical expenses.

Tax-free – The funds in an HSA are completely tax-free when used for eligible medical expenses.


Federal vs. State Tax Benefits
Health Savings Accounts are made available through the federal government on a tax favored basis. To determine if your state also provides tax benefits for Health Savings Accounts, please contact your state tax resource.

** Consult with your tax or legal professional for guidance.