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BREAKING NEWS: Inland Bank now offers Investments for your HSA!

 

Inland Bank Health Savings Accounts

Open your HSA account with Inland Bank and you will receive an HSA Visa Debit Card and can enroll in online banking, bill pay and mobile banking - all at no additional fee. A Health Savings Account (HSA) from Inland Bank is a great way to save for your health care deductible, while taking advantage of tax savings. Inland Bank offers two types of HSA accounts:

  Minimum Balance Monthly Fees Earns Interest  Features 

No Fee HSA*

Open Account online now
 $0 $0  Yes, pays competitive interest rates
  • Free Visa® debit card
  • Free Mobile Banking
  • Free Online Banking and Bill Payment
  • Preprinted checks for a minimal fee (Optional)
  • Free e-Statements
  • View disclosure

HSA Advantage

Open Account online now
 $0  $2.95 Yes, pays competitive interest rates
  • Invest a portion of your HSA in a select group of mutual funds 2
  • Free Mobile Banking
  • Free Online Banking and Bill Payment
  • Free e-Statements
  • Free Visa® debit card
  • View disclosure
  • View Investments FAQ

 

No Fee HSA Checking Account* Health Savings Account
Minimum Balance to Open $100.00
Monthly Service Charge $0.00
Minimum Balance to Avoid Service Charge $0.00
Interest Compounding frequency Monthly
Interest posting frequency 1 Monthly
Minimum balance to earn interest 1 $0.01
StarSF ATM Access Unlimited
Monthly service charge for optimal check imaging

N/A

 

HSA Advantage Checking Account 2 Health Savings Account with Investment 2
Minimum Balance to Open $100.00
Monthly Service Charge $2.95
Minimum Balance to Avoid Service Charge $0.00
Balance Threshold for Investments 2 $2,500.00 (funds in excess of $2,500.00 can be invested with a select group of mutual funds)
Interest Compounding frequency Monthly
Interest posting frequency 1 Monthly
Minimum balance to earn interest 1 $0.01
StarSF ATM Access Unlimited
Monthly service charge for optimal check imaging

N/A

 

*No fees associated with the set up or monthly maintenance of the HSA account. Please see personal fee schedule for any ancillary fees that may be associated with your account.

1. Refer to Deposit Rate Sheet for the current rates, tiers and terms.

2. Funds in excess of $2,500.00 can be transferred to a select group of mutual funds. Participation in the Health Savings Account (HSA) investment options is voluntary and requires a separate agreement with myHSAinvestments. Neither Inland Bank and Trust nor its subsidiaries (collectively "Inland Bank") are parties to that agreement nor are they affiliated with myHSAinvestment. Any fees charged by myHSAinvestments are in addition to fees charged by Inland Bank.

Investors should carefully read the Fund prospectus, which includes information on the Fund's investment objectives, risk, as well as charges and expenses along with other information, for each Fund before investing or sending money. Once you transfer funds to your HSA ADVANTAGE investment account, they become subject to your agreement with myHSAinvestments.  Funds in the investment portion of your HSA ADVANTAGE account are not FDIC insured, May Lose Value and are Not Bank Guaranteed.

Inland Bank is not a registered investment advisor nor is Inland Bank acting in the capacity of a registered investment advisor with respect to the offering of HSA investment options. Under no circumstances is Inland Bank offering any of the HSA investment options and makes no representations with respect to the investment options offered.

Inland Bank disclaims any and all liability, contingent or otherwise, for the performance of the HSA investment options. Please see your financial advisor for personal investment advice.

 Open Your No Fee HSA Account Online Today!

 

 Open Your HSA Advantage Account Online Today!

 

Call us for questions on your HSA Account at 844-573-7532!

Flash Content

 

Helping You Get the Most for Your Healthcare Dollars

 

Health Savings Accounts (HSA) Basics*

*Source: US Treasury Department

An Inland Bank HSA is like an IRA for your healthcare that empowers you to prepare for and manage healthcare costs. HSA's offer triple Tax benefits, including tax-free saving, growth, and spending on qualified medical expenses anytime, from today throughout your retirement — something you can’t get from other retirement accounts. HSAs complement your retirement plan, helping you prepare for the $250,000 or more you will need for retirement medical expenses.HSAs can also be used to save and pay tax-free today for your qualified healthcare expenses — from doctor’s visits to prescriptions, as well as dental and vision expenses.

Open your account with Inland Bank and you will receive an HSA Visa Debit Card and can enroll in online banking, bill pay and mobile banking - all at no additional fee.

What is a HSA?

A Health Savings Account* (HSA) is a tax-exempt trust or custodial account established exclusively for the purpose of paying or reimbursing qualified medical expenses for you, your spouse, and your dependents.

Am I Eligible for a HSA?

You are eligible for a regular HSA contribution if, with respect to any month, you:

  • Have coverage under a 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.
  • Cannot be claimed as a dependent on someone else’s tax return.

High Deductible Health Plans (HDHPs)

A HDHP is a plan with an annual deductible no less than the amounts shown in the chart that follows.

HDHP Annual Deductible

 Tax Year

 Self-Only Coverage

 Family Coverage

2015 and later

$1,300*

$2,600*

*Subject to annual cost-of-living adjustments

Are There Other Requirements for the HDHP?

Yes, for HSA purposes, the HDHP must limit out-of-pocket expenses to no more than the amounts shown in the chart that follows.

Maximum Out-of-Pocket Expenses

Tax Year

Self-Only Coverage

Family Coverage

2015 and later

$6,450*

$12,900*

*Subject to annual cost-of-living adjustments

What are a HSA Owner's Responsibilities?

If you are eligible, you can establish a HSA in much the same way you would establish an IRA--with a qualified trustee or custodian. Each year, you are responsible for determining your allowable annual HSA contribution and whether you have qualified medical expenses eligible for reimbursement with nontaxable HSA distributions.Who Can Contribute to My HSA?

If you meet the eligibility requirements for an HSA, you, your employer, your family members, and any other person may contribute to your HSA. This is true whether you're self-employed or unemployed.

How Much Can I Contribute to My HSA?

The maximum annual contribution amount is the standard limit as shown in the chart that follows.

Additionally, a "catch-up" contribution is available for eligible individuals who are age 55 or older by the end of their taxable year and are not enrolled in Medicare.

                      Contribution Limits                                      

 
 Tax Year   Self-Only  Family Catch-up Contribution Limit 
2015 $3,350* $6,650* $1,000
2016 and later $3,350* $6,750* $1,000

*Subject to annual cost-of-living adjustments

How Do I Claim the Federal Tax Deduction for My HSA Contribution?

Contributions to a HSA are tax deductible, the earnings grow tax deferred, and distributions to pay or reimburse qualified medical expenses are tax free.  You may deduct contributions made by anyone other than your employer as long as they do not exceed the maximum annual contribution amount. Employer contributions are not wages for federal income tax purposes.

Rollovers and transfers from HSAs, IRAs, Archer medical Savings accounts, health reimbursement arrangements, and health flexible spending accounts are not tax deductible.

When is the Contribution Deadline for Funding A HSA?

The deadline for regular and catch-up HSA contributions is your federal income tax return due date, excluding extensions, for that taxable year. The due date for most taxpayers is April 15.

What Happens to My HSA in the Event of My Death?

Spouse Beneficiary
If your spouse is the beneficiary of your HSA, the HSA becomes his/her HSA.

Nonspouse Beneficiary
If your beneficiary is not your spouse, the HSA ceases to be a HSA as of the date of your death. If your beneficiary is your estate, the fair market value of the HSA as of the date of your death is included as income on your final income tax return.  For other beneficiaries, the fair market value of your HSA is included as income for the recipient in the tax year of your death.

For further information, consult the IRS's web site: www.irs.gov.

Looking for more help? Call us at 630.908.6431 or email us at HSA@inlandbank.com

 

*You agree to abide by the provisions and amendments of the Health Savings Custodial Account Agreement (IRS Form 5305-C) provided to you separately.

 

 

 Open Your No Fee HSA Account Online Today!

 

 Open Your HSA Advantage Account Online Today!

 

 

Rates Accurate as of: August 1, 2015

  Minimum
Balance
to Open
Minimum
Balance* to
Obtain APY
Interest
Rate
Annual
Percentage
Yield**(APY)
Compounding Frequency
Personal Accounts:
Health Savings Account***  $100

$0.01
$1,000
$5,000
$50,000
$100,000

0.10%
0.15%
0.20%
0.25%
0.30%
0.10%
0.15%
0.20%
0.25%
0.30%
MONTHLY

*Daily Balance (the amount of principal in the account each day)
**Annual Percentage Yield and interest rate may change after the account is opened and fees may reduce earnings.
***On tiered rate products, interest is calculated and paid on the entire balance in your account.

  Ask a banker for more information about HSA accounts.

 

Helpful HSA Forms

Helpful HSA Tools

 

HSA Programs for Brokers and Employers

HSA (Family Plan) Debit Card Request Form HSA Contribution Instructions HSA Overview
HSA Rollover Review HSA FAQ HSA FAQ

Request to Transfer HSA

Getting the Most out of Your Health Savings Dollars HSA Employer Group set up form
Change of Address Request Form Online Banking Enrollment Guide HSA Employee Application
Change of Direct Deposit Forms Qualified Medical Expense List About Inland HSA
HSA Distribution Form Investments FAQ  
HSA Designation or Beneficiary Form HSA Personal Contribution Limits  
HSA FAQ    
HSA Contribution Instructions    
Online Banking Enrollment Guide    

 

Please print and complete the document, sign and return to Inland Bank Attention: HSA Department via 

fax 630.908.6460 or mail to Inland Bank HSA 2805 Butterfield Rd, Oak Brook, IL 60523

 

Looking for more help?

Call us at 844-573-7532

HSA@inlandbank.com

 

 

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