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A Healthy Way to Manage
Medical Expenses
Healthcare costs are rising. Wouldn't it be nice
if you could set aside money to cover your medical
expenses, tax free? You can, with a Heath Savings
Account (HSA) from Cambridge State Bank. If you
are enrolled in a high deductible health plan, an HSA
offers the tax advantages associated with a Flexible
Spending Accounts and Health Reimbursement Accounts and
enables you to spend the money you save, as you choose. |
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Your HSA funds will be deposited into a
custodial account, where they will earn interest. Cambridge State
Bank, an FDIC-insured, Minnesota state chartered financial institution,
will service your account.
Please refer to the IRS
Contribution/Deductible Guidelines sheet for the specific dollar amount
you may contribute during the plan year.
Only individuals covered by a high deductible
health plan are eligible to contribute to an HSA; however, should you
switch from your high deductible health plan, the money in your HSA is
yours to keep or transfer to another qualifying account. Should
you choose to transfer your account, you must do so within 60 days to
avoid a penalty. |
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Health Savings Account |
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Account
Name |
Opening
Balance |
Minimum
Balance |
Monthly
Service Charge |
Interest Bearing |
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Health Savings Account |
$50 |
None |
Based on
monthly balances |
Yes |
Health Savings Account
| Amount to open |
$50.00 |
| One time set
up fee |
$25.00 |
| Monthly fees |
Based on account
balances |
| Checks |
$12.00 for 25 duplicate
checks or $16.00 for 50 duplicate checks and 20 deposit tickets. |
| Debit card |
Free, no annual fee for
first card, second card one time fee of $5.00. |
| Interest |
Interest is paid on a
tiered rate. Save more, earn more. |
| Transaction
limitations |
No limit on point of sale
signature based transactions. No limit on checks written. |
| Annual fees |
None |
| Fee to close |
$25.00 to close |
| Excess
contribution removal fee |
Due to regulatory
requirements if you exceed the maximum contribution and you
must withdraw the excess contributions, there is a $20.00 fee. |
| Statements |
Monthly Imaged Statement Images are also available via our Free Online Banking for up to 60 days.
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