The perfect supplement to your High Deductible Health Plan (HDHP).
Park Community has been helping members manage their spending, savings, and loan accounts for years. Now it’s time to help you manage another aspect of your life: your health. Park Community is proud to now offer Health Savings Accounts (HSA).
What is an HSA?
A Health Savings Accounts (HSA) is an interest earning account that is available to individuals who are covered exclusively by a HSA eligible high deductible health plan (HDHP). Contributions made to this account may be fully tax deductible and funds may be withdrawn at any time for qualified medical expenses.
Benefits of a Park Community HSA
- Save money
- No monthly service charge
- Earn money - interest paid on balances over $200
- Convenient
- Free Wellness HSA Card from MasterCard®
- Peace of mind
- Your unused funds remain in the account from year to year—no
“use it or lose it” provision
Who Can Have an HSA?
Any adult 18 and older can contribute to an HSA if they:
- Have primary health coverage under an HSA-qualified “high deductible health plan” (HDHP)
- Have no other first-dollar medical coverage (other types of
insurance like specific injury insurance or accident, disability,
dental care, vision care, or long term care insurance are
permitted)
- Are not enrolled in Medicare and under 65 years old
- Cannot be claimed as a dependent on someone else’s tax return
For More Information:
For more information call Jennifer Marks at 502/815.1145 or stop by your nearest Park Community branch. |
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How an HSA works
Contact your human resources representative to initiate a Park Community HSA or stop by your local branch. Once the account is established, work with your employer to set up deductions from your paycheck.
Contributions
Much like an IRA, contributions to your HSA are limited by the IRS based on your HDHP coverage and age. See the reverse side for details.
Accessing your account
Park Community’s HSA comes with our Wellness HSA Card, which is a MasterCard® Debit Card. You can use it for qualified medical expenses anywhere MasterCard® is accepted. You may also withdrawal funds at any Park Community branch. |
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