FAQs (Frequently Asked Questions):

• What is an HSA? This is an account that allows individuals to pay for current health care expenses and save for future qualified medical and retiree health expenses on a tax free basis.
• Who is eligible? The individual must be covered by a “High Deductible Health Plan” (HDHP), must not be covered by other health insurance (does not apply to specific injury insurance and accident, disability, dental care, vision care, long-term care), is not eligible for Medicare, and can’t be claimed as a dependent on someone else’s tax return.
• Who can contribute? Either the employer or the individual or both. The employer can make a pretax contribution to the HSA on behalf of the employee and the employee can make contributions with pretax dollars also. All contributions are aggregated.
• What are the contribution limits? For an eligible individual that is covered by the same HDHP plan for the entire calendar year is subject to change annually.  Please see a New Accounts Services Representative for more information.
• What happens to money not used during the year? Any amounts not used may grow tax free and can be carried forward to future years. They can also be rolled over into other health savings accounts if the employee changes jobs.
• Must the bank monitor expenditures? No! The account beneficiary is responsible to make payments to his or her own service providers. The trustee bank has no duty to monitor the payments.
• American National Bank & Trust offers a Health Savings Account. The product is a tiered Savings Account that earns competitive interest rates based the balance of the account, has a FREE Debit Card and NO monthly service charge. There is a required minimum deposit of $100 to open.