Health Savings Account
With the soaring cost of health care a Health
Savings Account (HSA) helps you reduce your costs while offering
a comprehensive health insurance plan.
At Cabarrus Bank & Trust, we want
to give our customers every opportunity to reduce costs and
thrive in our community. The new Health Savings Account (HSA)
can help you do just that.
What is an HSA and how does it work?
An HSA is a savings account that enables you to save money,
tax-free, to cover medical expenses. The savings account
is held locally and you can access your account via a check
or debit card to cover qualified expenses.
The HSA is paired with a high-deductible health plan,
so you can save a significant amount on premiums and then
use the savings to help fund your HSA. You can use your
HSA dollars to pay your deductible, while unused dollars
grow tax-free and may be withdrawn upon retirement and
taxed as normal income.
Annual contributions are limited to your health plan deductible,
up to a maximum of $2,850 for an individual and $5,650
for family coverage. Individuals aged 55 and older can
make additional "catch-up" contributions.
| $ .01
- $ 499.99 |
Competitive
market rates of interest tiered to pay premium interest
rates on a higher account balance. |
| $ 500.00 - $ 2,499.99 |
| $ 2,500.00 - $ 4,999.99 |
| $ 5,000.00 - and above |
| $ 15,000.00 - and above |
Benefits:
- Monthly Maintenance Fee: $2.25
- No Charge if
the minimum daily balance of $3,000 is maintained.
- Interest Bearing: Competitive market rates of
interest tiered to pay premium interest rates on a higher
account balance.
- Complimentary Online Banking
- Unlimited In-Network ATM
Transactions **
- 2 Free Non-Network ATM
Transactions ** / statement cycle
- Detailed
Statement with Imaged Checks
- Combined
Accounts Statement
- FDIC Insured
- Save a significant amount on health insurance premiums
- Lower taxable income
- Build reserves for future medical expenses or retirement
- Easy access to funds for qualified expenses
- Deposits held locally
- Take control of your healthcare spending
- ** Other bank surcharges
may apply
About Us:
We are committed to delivering quality products
and services and adhering to a high standard of customer
care. Our Account Executives would be happy to assist you
and discuss your savings options.
When you do business with Cabarrus Bank & Trust
your money provides capital for local businesses, creates
local jobs and improves the quality of life for families.
We want what’s best for our communities, friends and
neighbors … together we are Making a Difference.
|
(Equal
Housing Lender)