Manage Your Medical Expenses with an HSA
An HSA is a type of savings that allows you to put money aside on a pre-tax basis that can be used to pay for medical expenses. Gain the following benefits when you sign up with Landmark today:
To be eligible for a health savings account, you must match the following requirements:
Covered by a High Deductible Health Plan (HDHP)2
No other health coverage*
Not claimed as a dependent on another person’s tax return
Not enrolled in Medicare
*Except what is permitted under “Other health coverage"
Qualified Medical Expenses
Make tax-free withdrawals from your health savings account to pay for qualifying medical expenses. This covers most medical, dental and vision expenses as permitted under Federal tax law. More information on health savings accounts can be found at the U.S. Department of Treasury HSA Resource Center.
When you open an HSA with Landmark your account will include a free Visa® Debit Card, making it easy to access your funds for payments at any time.
HSA Frequently Asked Questions
A Health Savings Account (HSA) is a tax-exempt trust or custodial account established with a qualified HSA trustee for the purpose of covering specific medical expenses. To qualify for an HSA, you must meet certain eligibility criteria. Here are the key benefits of an HSA:
- Tax Advantages: Contributions to an HSA are tax-deductible, and any earnings in the account accumulate on a tax-free basis. Additionally, withdrawals for qualified medical expenses are also tax-free.
- Portability: Your HSA account is portable and the balance can be carried over from year to year, which keeps you from being put in a "use it or lose it" position.
- Accessibility: Landmark HSAs offer the convenience of an interest-bearing account, and you can easily access funds through checks and a debit card. In summary, an HSA provides a tax-advantaged way to save for medical expenses, with the flexibility of carrying over funds and convenient access to your money through Landmark HSAs. Please contact us, visit any of our branches or visit the Internal Revenue Service (IRS) publication 969 website for more information.
To complete an HSA application at one of our branches you will need the following:
- Driver's license or State ID
- Social Security Number
- Mailing address
- Make sure that you are able to meet the IRS requirements to have the HSA. See IRS publication 969.
- If listing beneficiaries, we will need a name, date of birth (DOB) and their relationship to you.
- If you are married and not listing your spouse as the only primary beneficiary, your spouse will need to sign the application as well.
For information about HSA contribution limits, please visit the IRS website publication 969.