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Health Savings Made Simple

We Offer FREE Health Savings Accounts!

It's easy to get started - open one in just a few clicks online today! 

Do you need a Health Savings Account (HSA)? At Independent Bank, it’s easy to get started with a free account that you can use to pay for current and future health care expenses on a tax-free** basis. The HSA is used in combination with your high deductible health insurance plan.

 

Plus, it comes with a FREE debit card for easy access to your funds!

 

Open an Account Now

 

 

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Benefits of an HSA:

 

1

Interest-bearing account

2

Funds are permanent and portable

3

Independent Bank offers a FREE debit card for convenient access to your funds

If your HSA balance is greater than $2,500, you can invest a portion of your HSA dollars into mutual funds through a brokerage account! Call IB Wealth Management at 800.300.0459 for additional information.

Open an Account Now

 

**Consult your tax advisor for details.


Frequently Asked Questions

What is a Health Savings Account?
A Health Savings Account (HSA) is a tax-exempt trust or custodial account you set up with a ...
A Health Savings Account (HSA) is a tax-exempt trust or custodial account you set up with a qualified HSA trustee to pay or reimburse certain medical expenses you incur. You must be an eligible individual to qualify for an HSA.
What are the benefits of an HSA?
You can claim a tax deduction for contributions you, or someone other than your employer, make to ...
You can claim a tax deduction for contributions you, or someone other than your employer, make to your HSA even if you don’t itemize your deductions on Schedule A (Form 1040). Contributions to your HSA made by your employer (including contributions made through a cafeteria plan) may be excluded from your gross income. The contributions remain in your account until you use them. The interest or other earnings on the assets in the account are tax free. Distributions may be tax free if you pay qualified medical expenses. An HSA is “portable.” It stays with you if you change employers or leave the
How do I qualify for an HSA?
To be an eligible individual and qualify for an HSA, you must meet the following requirements. You ...
To be an eligible individual and qualify for an HSA, you must meet the following requirements. You are covered under a high deductible health plan (HDHP), on the first day of the month. You have no other health coverage except what is permitted under ‘Other Health Coverage’ in IRS Publication 969. You are not enrolled in Medicare. You cannot be claimed as a dependent on someone else's tax return.
What is a High Deductible Health Plan (HDHP)?
A High Deductible Health Plan (HDHP) may provide preventive care benefits without a deductible or ...
A High Deductible Health Plan (HDHP) may provide preventive care benefits without a deductible or with a deductible less than the minimum annual deductible. Minimum and maximum annual deductible amounts can be found in IRS Publication 969 under ‘High Deductible Health Plan (HDHP)’.
What is an Individual Plan?
Self-only HDHP coverage is an HDHP covering only an eligible individual.
Self-only HDHP coverage is an HDHP covering only an eligible individual.
What is a Family Plan?
Family HDHP coverage is an HDHP covering an eligible individual and at least one other individual (whether or not that individual is an eligible individual).
Family HDHP coverage is an HDHP covering an eligible individual and at least one other individual (whether or not that individual is an eligible individual).
How many beneficiaries should I designate?
You should choose a beneficiary when you set up your HSA. What happens to that HSA when you die ...
You should choose a beneficiary when you set up your HSA. What happens to that HSA when you die depends on whom you designate as the beneficiary. Your HSA agent (the person you may authorize to transact business on your behalf) DOES NOT inherit the account, only the named beneficiaries will receive their percentage of distribution
What is the percentage of distribution?
If beneficiaries are named you must designate a percentage of distribution to all HSA beneficiaries. The percentage of distribution for all beneficiaries must total 100%.
If beneficiaries are named you must designate a percentage of distribution to all HSA beneficiaries. The percentage of distribution for all beneficiaries must total 100%.
What is the difference between a primary and a contingent beneficiary?
A primary beneficiary receives account assets in the event of your death. A contingent beneficiary receives account assets only when all primary beneficiaries predecease you.
A primary beneficiary receives account assets in the event of your death. A contingent beneficiary receives account assets only when all primary beneficiaries predecease you.
What is an Authorized Agent?
An Authorized Agent, if you choose to name one, is the one individual other than yourself authorized to perform transactions on your HSA.
An Authorized Agent, if you choose to name one, is the one individual other than yourself authorized to perform transactions on your HSA.
Under what circumstances will my contingent beneficiaries receive my HSA assets?
A contingent beneficiary receives account assets in the event of your death only when all primary beneficiaries predecease you.
A contingent beneficiary receives account assets in the event of your death only when all primary beneficiaries predecease you.
What is a rollover?
Generally, a rollover is a tax-free distribution to you from one Health Savings Account that you ...
Generally, a rollover is a tax-free distribution to you from one Health Savings Account that you contribute to another Health Savings Account. The contribution to the second account is called a “rollover contribution.” A rollover contribution isn’t included in your income, isn’t deductible, and doesn’t reduce your contribution limit. You must roll over the amount within 60 calendar days after the date of receipt. You can make only one rollover contribution to an HSA during a 1-year period.
What is a trustee transfer?
A transfer of funds in your HSA from one trustee directly to another, either at your request or at ...
A transfer of funds in your HSA from one trustee directly to another, either at your request or at the trustee's request, is not a rollover. This includes the situation where the current trustee issues a check to the new trustee but gives it to you to deposit. Because there is no distribution to you, the transfer is tax free. Because it is not a rollover, it is not affected by the 1-year waiting period required between rollovers. There is no limit on the number of these transfers. Don’t include the amount transferred in income, deduct it as a contribution, nor include it as a distribution on Form 8889.
Which contribution tax year should I choose?
Current Year is a deposit made in the year for that tax year. Previous Year is a deposit made ...
Current Year is a deposit made in the year for that tax year. Previous Year is a deposit made between January 1st and the tax deadline o the current year however funds are allocated to the previous tax year.
Where can I find additional information regarding Health Savings Accounts?
You can visit IRS Publication 969.
You can visit IRS Publication 969.
Where can I find additional information regarding Qualified Medical Expenses?
You can visit IRS Publication 502.
You can visit IRS Publication 502.
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