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Ask The Expert - December 2017

by Stacy Wise | Dec 19, 2017



Question: 
My health insurance has a high deductible. How can I meet my deductible without putting a strain on my budget?

Answer: An MNB Health Savings Account (HSA) helps provide an affordable way of paying for healthcare expenses while allowing you to save for the future at the same time. Your HSA even offers a triple tax benefit*:

1. Contributions are excluded from income for tax purposes;

2. Earnings on the account are not taxable; and

3. Taxes are not paid upon withdrawal of funds as long as they're used for an eligible expense. Unused money rolls over from year to year, and your account is portable, so if you change jobs you can continue using the same account.

Visit www.irs.gov for complete rules including High Deductible Health Plan qualifications and contribution limits.

Talk to a Personal Banker at any MNB location to open your MidAmerica Health Savings Account today!

* MNB does not provide tax or accounting advice. Please consult an accountant or tax advisor for professional advice in these areas.

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