Many media outlets have reported the large-scale internet vulnerability referred to as 'Heartbleed'. Please rest assured that your banking data is safe and secure. For more information about how Bank of Utah secures your information and how you can protect yourself online, click here.


Bank Of Utah
Golds and Ifly
Health Savings Accounts (HSA)


Start Saving on Health Care Expenses Now!

A Health Savings Account (HSA) is a tax advantaged account used to pay for health care expenses. HSAs must be paired with a High Deductible Health Plan (HDHP), and together can offer significant insurance savings and tax-exempt savings. Another great benefit of the HSA: unlike other plans (like Cafeteria Plans), the money in the account and the interest you earn is yours to keep year after year.

Bank of Utah Health Savings Account

  • No monthly maintenance fee
  • No account setup fee
  • No minimum to open
  • Interest bearing (Tiered)
  • $500 minimum to obtain interest
  • Free Visa Debit Card
  • Free Internet Banking and online bill pay

Opening an HSA is simple:
  1. Contact your insurance provider to select an HDHP that is best for you and qualifies under IRS guidelines.
  2. Visit any of our 13 branches to apply. To expedite the process by submitting your initial information sheet online, click here.
  3. Start saving for health care expenses today. You, your employer or anyone else can contribute, up to the predetermined IRS limit.




FAQ
What is a Health Savings Account?
A Health Savings Account (HSA) is a tax advantaged account used to pay for health care expenses. HSAs must be paired with a High Deductible Health Plan (HDHP), and together can offer significant insurance savings and a great savings tool for future needs.

Unlike Cafeteria Plans, an HSA, and the interest it earns, is yours to keep year after year.



How Do I Open an HSA?
First, you need an HDHP. Your insurance provider can help you determine which plan will be best for you and if it qualifies under IRS guidelines.

Once you have chosen a qualifying HDHP, opening an HSA is as easy as opening a checking account. You can visit any one of our 13 branches to open your HSA and start saving for medical expenses the right way.



How Do I Contribute to an HSA?
Contributions to your HSA can be made by:

  • Yourself
  • An employer
  • Any other individual

You can contribute as often as you would like up to the predetermined IRS limit. This limit is different for individual coverage and family coverage. Check with your Insurance Agent for the current year contribution limits.



What are the Benefits of an HSA?

  • Tax Savings: Payroll deductions are made pre-tax, additional contributions may be deductible, and interest and earnings are tax free as long as they remain in the HSA
  • Insurance Savings: An HDHP can offer significant savings over a typical health plan.
  • Ownership and Portability: You own the HSA. If you change jobs or health plans, the funds in your HSA are yours to keep.
  • Retirement Benefits: After retirement an HSA is treated like a traditional IRA and funds can be used as income without penalty.



How Do I Pay for Health Expenses?
All Bank of Utah HSAs come with checks, a free Visa debit card, and free Internet Banking and online bill pay.



How Does Tax Reporting Work?
Bank of Utah will send you a 5498 SA form with a report of contributions and a 1099 SA form with a report of distributions from the HSA annually. You must file form 8889 as part of your annual tax return to report the amount of distribution used for qualified health care expenses.



What If I Use My HSA for a Non-qualified Expense?
If you use funds from your HSA for a non-qualified expense, you will be subject to a penalty tax on those funds. The penalty tax can be expensive, so contact your insurance provider if you are unsure if a payment is qualified.



How do HSAs compare?

Options
HSA
Cafeteria Plan
Used for out-of-pocket health expenses
Employee contributions allowed
Employer contributions allowed
Employers receive deductions for payments
Works with any health plan
Pre-funded
Unused balance rolls over annually
Investment options with tax-free growth
Portable for consumer
Funds can be used for any purpose after retirement


For additional information and details on Health Savings Accounts, High Deductible Health Plans, and other insurance options, contact your health insurance provider.