Determining If You Qualify
If you are currently covered by a high deductible health plan with an annual deductible of at least $1,150 in the case of an individual and at least $2,300 in the case of family coverage, you are eligible for a Sterling Health Savings Account. However, you must not have another health coverage plan in addition to your high-deductible plan, not be enrolled in Medicare and cannot be claimed as a dependent on someone else’s annual tax return.
Your Tax Savings Benefits
You can enjoy several benefits from establishing a Sterling Health Savings Account. You can claim a tax deduction for contributions you make to the account, even if you do not itemize your deductions on your 1040 tax form. The interest or other earnings on the assets in your account are tax free. In addition, your distributions may be tax free when used for qualified medical expenses.
Easy Access To Your Funds
Sterling makes it easy to make payments from your account to your pharmacy or doctor’s office for qualified medical expenses you have incurred. Upon opening your Health Savings Account, we will issue you checks and a debit card to enable you to access your funds easily. You can also manage your account online through Sterling Internet Banking.
Keep Growing Your Contributions
We understand that you work hard for your money and you want it there when you need it. With a Sterling Health Savings Account, your contributions remain in your account from year to year until you use the funds. Now you can budget for your health expenses and build up your savings to cover qualified medical expenses when the need arises.
Your Contributions Are Yours
Once you open your Sterling Health Savings Account, you become the sole owner. Thus, if you change your company of employment or leave the work force, your Sterling Health Savings Account does not stay behind with your former employer, it goes with you. Additionally, your employer may choose to make contributions to your Sterling Health Savings Account as an added benefit to you. Your yearly contributions are limited to the annual deductible of your high-deductible health plan, subject to a cap of $3,050 for individuals and $6,150for families. Individuals age 55 and older can make additional yearly contributions to help save for future medical expenses.
If you would like an HSA opening package mailed to you, please email your name and address to: HSA@snb.com or call 212-490-9813