Health Savings Account

Is A Health Savings Account (HSA) For You?

An HSA is a tax-exempt account established to help pay medical expenses in conjunction with a high-deductible health care plan (HDHP).

An HSA can help you save for future health and retirement needs. Although an HSA is primarily used to pay health care expenses on a tax-preferred basis, it can also be used to accumulate retirement savings – also on a tax-preferred basis. Much like an individual retirement account, unused deposits roll over each year and grow tax-preferred through investment earnings.

To better understand the ins-and-outs of HSAs, read our FAQs. Or review our Health Savings Account Guide for more information.

Find out what expenses can be included in your HSA Deduction

To open an HSA and make tax-fee contributions, you:

  • Must have a high-deductible health insurance plan
  • Cannot be covered by another non high-deductible health plan
  • Cannot be enrolled in Medicare
  • May not be claimed as a dependent on another person’s tax return

National Bank Of Kansas City’s HSA account offers competitive, tiered interest rates as well as:

  • Free debit card
  • Free online banking
  • No monthly fee if balance is above $5,000
  • Direct deposit without having an NBKC primary checking account

2010 Contribution & Deduction Limits

2010 REQUIREMENTS
HEALTH PLAN SINGLE FAMILY
Minimum deductible $1,200 $2,400
Out-of-pocket max $5,950 $11,900
Maximum contribution $3,050 $6,150

$1000 additional catch-up contribution allowed for those age 55 and older.

Open your account today:

Paper checks are available at normal rates. Account has a $15 set-up fee. Set-up fee subject to change at any time. $2 monthly fee if balance falls under $5,000.