Health Savings Accounts (HSAs) for State of South Carolina Employees
Take control of your health care expenses
Affordable health care is a concern for just about everyone. That’s why we’re pleased to offer the Health Savings Account. This account, when paired with a compatible high-deductible health plan (HDHP) allows you to make tax-free* contributions and withdrawals to pay for qualified medical expenses. Any funds left in the HSA at the end of the calendar year remain in the account and earn tax-free* interest to pay for medical expenses at any time in the future.
What is an HSA?
HSAs are interest-bearing deposit accounts that let you put aside tax-deferred savings* to pay current and future medical expenses – not just doctor and hospital bills, but also prescription medications, over-the-counter drugs and even long-term health care insurance premiums**. Plus when your account reaches $3,500, an additional mutual fund investment option can be added through our brokerage provider, Synovus Securities, Inc., allowing you to invest a portion of your money in one of several Fidelity Investment® mutual funds***.
Click below to learn more about how you can open an HSA with The National Bank of South Carolina.
The information above, which is general in nature, is not a substitute for professional tax advice. You should consult your tax or financial advisor for specific questions regarding your own tax situation. We cannot provide individual tax advice.
*Consult your tax professional regarding matters of tax deductibility.
**Maximum contributions are $2,900 for individuals or $5,800 for families in 2008, reduced by any contribution to an Archer MSA. Individuals between 55 and 65 years of age are allowed to make an annual “catch-up” contribution of $900 in 2008. This amount will increase by $100 per year to 2009. Beginning January 1, 2007, HSA account holders can make a one time, tax-free distribution from their Roth or Traditional IRA for the purpose of making a regular HSA contribution. This provision applies to roll-overs from an HRA or FSA through 2011. Certain restrictions apply.
***Please carefully consider the funds’ investment objective, risks, charges and expenses applicable to a continued investment in the fund before investing. For more information, please thoroughly read the prospectus prior to investing.
**Maximum contributions are $2,900 for individuals or $5,800 for families in 2008, reduced by any contribution to an Archer MSA. Individuals between 55 and 65 years of age are allowed to make an annual “catch-up” contribution of $900 in 2008. This amount will increase by $100 per year to 2009. Beginning January 1, 2007, HSA account holders can make a one time, tax-free distribution from their Roth or Traditional IRA for the purpose of making a regular HSA contribution. This provision applies to roll-overs from an HRA or FSA through 2011. Certain restrictions apply.
***Please carefully consider the funds’ investment objective, risks, charges and expenses applicable to a continued investment in the fund before investing. For more information, please thoroughly read the prospectus prior to investing.