Start Saving For Healthcare Expenses
An unexpected medical event can happen to anyone. Even if you have health insurance, you may still have to pay thousands of dollars out of your own pocket before you meet your deductible. With a health savings account from Farmers & Merchants State Bank, you can save money that can help bridge the gap before your deductible kicks in. Here’s what you need to know about HSAs:
- You must be enrolled in a high-deductible healthcare plan to open an account
- Funds can be used on qualified medical expenses related to care for yourself, your spouse or any dependents
- HSA contributions are tax-deductible, earnings are tax-deferred
- Distributions to pay for qualified medical expenses are tax-free
- HSAs are offered as checking accounts, savings accounts or CDs
You can learn more about the benefits of HSAs by watching the video below.
