Friday, January 6th 2006 -
Albemarle, NC - Health
Savings Accounts (HSAs) are relatively new financial products.
An HSA combines high-deductible health insurance with a
tax-favored savings account. Currently our banks are some
of the few financial institutions in the region offering
HSAs.
Health Savings Accounts are tax-exempt accounts in which
an individual accumulates savings to pay for medical expenses.
Contributions and income earned on funds in the accounts
accumulate tax-deferred, and if used for qualified medical
expenses, are tax-free.
The account allows you to enjoy tax reductions while
having affordable premiums and decreasing your out-of-pocket
expenses without risking your insurance protection. Money
saved can be used for qualified medical expenses tax free
for life. At age 65, unused HSA funds can be withdrawn
for non-medical reasons without penalty (similar to an
IRA, ordinary income tax will be charged on the money withdrawn
for non-medical reasons.)
Health Savings Accounts, offered by the
Uwharrie Capital Corp family of community banks, empower
individuals to take control of health care expenses while
keeping local dollars working here at home.
Uwharrie Capital Corp is a multi-bank
holding company located in Albemarle, NC. The corporation
offers a full range of financial solutions through
its financial services subsidiary companies including
Anson Bank & Trust, Bank
of Stanly, Cabarrus
Bank & Trust, Strategic
Investment Group and Strategic
Investment Advisors.
