Say goodbye to high deductible health plan expenses
If you're considering a High Deductible Health Plan (HDHP), you may save money compared to traditional insurance. However, be aware that deductibles can be substantial. To help you save for medical expenses while lowering your taxable income, our Health Savings Account (HSA) offers tax benefits. Save on federal income tax contributions by opening an HSA today.
Advantages of a Kearny Bank HSA
- Contributions can be made by you, your employer, or both.
- If you claim a family member on your taxes HSA funds may be used for their qualified expenses even if you have just single coverage.
- Funds earn TAX-FREE interest.
- Funds roll-over at year end and keep earning interest.
- The account is portable, and money remains available even if you change health plans, employers or retire.
- After age 65 funds can be withdrawn for any reason without penalty.
- Distribution will be subject to federal tax unless used for qualified expense.
- Kearny Bank will issue a convenient debit card allowing for timely payments.
You must be covered by a high-deductible health plan and meet the following criteria:
- May not be covered by another health plan that is not an HDHP (except certain plans that provide specific limited types of coverage.)
- Are not enrolled in Medicare.
- Can not be claimed as a dependent on another person’s tax return.
How Does It Work?
An HSA allows contributions to a limit, with $3,650 for an individual and $7,300 for a family in 2022. It can be used to pay for qualified medical expenses, including medical care not covered by insurance. This benefit extends to you, your spouse, and qualified dependents. Optimize your HSA contributions with these tips.
Qualified medical expenses include medical, dental, vision, chiropractic, pharmaceuticals, and more!
- Distributions before age 65 that are used for non-qualified expenses will incur a 20% penalty and will be taxable.
- Contributions may not cover the total of your expenses.
- You must keep careful records to prove the use of withdrawals.
Add this to your total benefits package through Kearny @ Work without spending a dime!
Your employees can sign up through Kearny @ Work, our preferred business client program offering various valuable banking benefits. It's a meaningful way to show your appreciation for their efforts and not increase your expenses.
Kearny Bank Debit Mastercard®
SecureAlerts: Establish alerts for instant access to purchase activity. Alerts can be set via our mobile app or Online Banking.
Mobile Wallet: Add your Kearny Bank Debit Mastercard to your mobile wallet for faster purchases in-store, online and in-app.
Customized Usage Control: Reduce debit card fraud, set spending limits, monitor and manage your card through our mobile app.
Lost or Stolen Debit Mastercard: If your Kearny Bank Debit Mastercard is lost or stolen, call us immediately, or control your card via your Mobile Banking app. During business hours call 800-273-3406. After business hours, call our afterhours hotline at 800-472-3272.
Please note, Kearny Bank does not provide legal or tax advice. Please contact your tax professional with any tax related questions. Visit the IRS.gov for further information.