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Health Savings Account (HSA)
Frequently Asked Questions

What is a Health Savings Account?

A tax-exempt trust or custodial account established exclusively for the purpose of paying or reimbursing qualified medical expenses of the HSA owner, his/her spouse, and their dependents. Simmons First Health Savings Accounts are custodial accounts.

All Simmons First Health Savings Accounts are interest-bearing checking accounts, designed similar to other interest-bearing accounts with tiered interest rates and no transaction limitations. Funds in the account may be accessed by check, debit card, or ACH. The HSA product provides the customer a monthly statement with images, and has a monthly service charge of $3.00.

What qualifies someone for an HSA account?

    • The owner of an HSA account must be covered under a high-deductible healthcare plan (HDHP). Qualifications, Out-of-Pocket Expenses, Contribution Limits, and Catch-up Contributions are subject to change annually.
    • The owner of an HSA account cannot be covered by any other healthcare plan that is not an HDHP.
    • The owner of an HSA account must be at least 18 years of age.
    • The owner of an HSA account cannot be enrolled in Medicare.
    • The owner of an HSA account cannot be claimed as a dependent on another person’s tax return.
LINKS FOR ADDITIONAL INFORMATION

US Treasury's HSA Website
IRS Publication 969 - Guidelines on Health Savings Accounts
IRS Publication 502 – Qualified Medical & Dental Expenses


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