HSA Checking

HSA Checking

Protect what money can't replace.

If you're covered under a high-deductible health plan, an HSA can help lessen the burden of your medical expenses.

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Why HSA Checking?

If you're covered under a high-deductible health plan, an HSA can cover the expenses before your deductible is met. An HSA account offers tax advantages when you use it to pay for qualified medical expenses, allowing you to keep more money in your pocket.

Benefits

  • No minimum balance
  • $3 per month or $1.50 if customer has an open LCNB Checking Account
  • $50 minimum deposit to open
  • Unlimited withdrawals
  • Tiered interest rates
  • FDIC Insured
  • $2 Cost per transaction for use of non-LCNB ATMsa
  • Electronic Banking services:
    • Free online banking with bill pay
    • Free e-statements (paper statements available for a monthly charge)
    • Free mobile banking (with mobile deposit)
    • Free LCNB National Bank Debit Mastercard®
    • And more!

You are eligible to open a HSA Checking account if you:

  • Are currently covered under a high-deductible health plan (HDHP)
  • Are not covered by any other health plan (with limited exceptions*)
  • Are not enrolled in Medicare
  • Cannot be claimed as a dependent on another person’s tax return
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aYou may be charged a surcharge by another bank when using your LCNB ATM card at their ATM (see note 5 in Notes & Disclosures).
bWith certain exceptions for plans providing preventive care and limited types of permitted insurance and permitted coverage

A health plan qualifies as a High Deductible Health Plan if the annual minimum deductible is at least $1,350 for single coverage or $2,700 for family coverage and the maximum out-of-pocket limit is $6,750 for single coverage and $13,500 for family coverage for 2019.

For 2020, the minimum deductible is $1,400 and the maximum out-of-pocket limit is $6,900 for single coverage. For family coverage the minimum deductible is $2,800 and the maximum out-of-pocket limit is $13,800. These figures are subject to be adjusted by the IRS for inflation each yea

For tax year 2019, contributions are limited to $3,500 for single coverage and $7,000 for family coverage. For tax year 2020, the contribution limit for single coverage is $3,550 and $7,100 for family coverage. A catch-up contribution of $1,000 is available to persons age 55 and older. The contribution limits are adjusted for inflation each year. Contributions may be made for the prior tax year until July 15. Publication 969, Health Savings Accounts and other Tax-Favored Health Plan

Health Savings Accounts (HSAs) and Archer Medical Savings Accounts (MSAs)
Q21. Does this relief provide me more time to contribute money to my HSA or Archer MSA for 2019?
A21. Yes. Contributions may be made to your HSA or Archer MSA, for a particular year, at any time during the year or by the due date for filing your return for that year. Because the due date for filing Federal income tax returns is now July 15, 2020, under this relief, you may make contributions to your HSA or Archer MSA for 2019 at any time up to July 15, 2020. For more details on HSA or Archer MSA contributions, see Publication 969, Health Savings Accounts and other Tax-Favored Health Plans.

You can make no further contributions after age 65; however, the account may remain open to pay for qualified medical expense

HSA distributions used for non-qualified medical expenses are subject to ordinary income tax and, if taken before age 65 is 20% IRS penalty tax. (Unless the distribution is because of death or disability).

View Notes and Disclosures Here