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Health Savings Accounts (HSAs)

A Health Savings Account (HSA) with a High Deductible Health Plan (HDHP) is a great new way to keep you family well. You’ll probably pay less for health insurance. Your savings may grow. Your HSA balance will earn interest and rollover from year to year. And your Glens Falls National VISA HSA debit card will make paying for healthcare expenses, such as office visits, co-pays and prescription drugs, easy and convenient.

Why sign up for an HSA?

  • You’re taxed less - Since your HSA contributions come from pre-tax income, your federal income tax liability is lower. And you don’t pay federal income tax on any HSA funds used for qualified medical expenses. (State income tax codes vary — consult your tax advisor to determine how your state tax code treats HSAs.)
  • You earn more - Any unused funds in your Glens Falls National HSA roll over year after year, and earn interest.
  • You have options - Write checks, pay cash or use your Glens Falls National Bank VISA HSA debit card.
  • You gain convenience - Using your card reduces the hassle of carrying cash or writing checks. You can use your Glens Falls National Bank VISA HSA debit card wherever VISA debit cards are accepted.

Frequently Asked Questions

Q: Can I open an HSA?
A:  You must be covered by a qualified High Deductible Health Plan (HDHP), and cannot be covered by any
other health plan except in certain cases. Other ­limitations may apply; check with Capital Financial Group, Inc. or a tax advisor.

Q: What is a qualified medical expense:
A:  Your HSA is only to be used for qualified medical expenses. These may include paying down your health plan deductible, as well as some health-related costs not covered by your health plan, such as dental and vision care. For more detailed information on qualified medical expenses, consult your tax advisor, or visit the Department of the Treasury

Q: What should I do if I have questions?
A: Contact Capital Financial Group, Inc. at 793-2885.

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