Why Choose a GICU HSA?
With a GICU HSA bank account, you get more than just a place to store funds, you gain a smart financial tool built to give you flexibility, security, and tax advantages.
Benefits of a Health Savings Account:
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When applied to qualified medical expenses, all withdrawals are tax free
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Contributions are 100 percent deductible
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Provides the option to choose a lower cost health care plan
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Your earned interest is tax-deferred
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You own your account, and your unused balance can be carried from year to year, earning interest.
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Who Can Open an HSA?
Note: Contribution limits change annually and may vary based on your coverage level (individual or family). You should consult your tax advisor with any questions about the tax benefits and tax liabilities associated with an HSA.
To be eligible to open an HSA account in Iowa, you must:
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Must be enrolled in a high-deductible health insurance plan
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Must be 18 years old or older and not listed as a tax dependent
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Cannot be covered by another health insurance plan, including Medicare
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What Can You Use an HSA for?
HSA funds can generally be used for qualified medical expenses under IRS rules. Plus, after age 65, your HSA can even be used for non-medical expenses (taxes may apply), making it a powerful retirement planning tool.
Your HSA account can be used to pay for a wide range of qualified medical expenses, including:
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Doctor visits and prescriptions
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Dental and vision care
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Mental health services
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Medical equipment and supplies
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Health-related transportation
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