Health Savings Accounts

Frequently Asked Questions

1. What is an HSA?

2. Who is eligible for an HSA?

3. Can my spouse and I open an HSA account together?

4. Can I start an HSA account for my child?

5. What are the advantages of an HSA?

6. When can I start to use the funds in my HSA?

7. Is there a limit on how much I can contribute?

8. What are the qualified expenses that I may pay for with an HSA account?

9. Can I pay my health insurance premiums from my HSA?

10. What if I decide to use the money in my HSA account for expenses other then medical?

11. What happens to the money in my HSA account if I no longer have a HDHP?

12. Can I deduct from my federal income taxes the amount of my HSA contribution?

13. Who keeps track of my expenses?

14. How does the new health care reform law affect HSA accounts?

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Custer Federal Savings and Loan Association has chosen not to participate in the FDIC's Transaction Account Guarantee Program.
Customers of Custer Federal Savings and Loan Association with non interest-bearing transaction accounts will be insured through for
up to $250,000.00 under FDIC's general deposit insurance rules.