We Offer Health Savings Accounts (HSA) - With Debit Card Access*
If you have a high deductible health insurance plan, now you can save money for qualified healthcare expenses - and possibly save on taxes too. If your employer offers a high deductible health plan, open a new HSA Account with Carolinas Telco. Retirees with a high deductible health insurance plan may also be eligible for an HSA. Then, you can make pre-tax contributions to this account, where any unused funds will earn dividends and roll over from year to year. And, when you need to pay for qualified medical expenses, just use the new Visa HSA Debit Card to access your account.
- No account set-up fees
- No monthly administrative fees
- Free, unlimited access through Debit Card
- You can continue your account even if you change places of employment
To qualify for a Health Savings Account, you must be participating in a qualified High Deductible Health Plan. The Internal Revenue Service (IRS) limits the use of this account to qualified medical expenses, and maintain receipts as documentation. Any non-qualified expenditures must be reported to the IRS and may incur a penalty.
*This information is provided for educational purposes only and does not constitute investment, financial, tax or legal advice. Check with your tax advisor to confirm eligibility and any additional requirements, restrictions, contribution limits, or withdrawal implications.