U.S. Bank offers Health Savings Accounts to its customers who are enrolled in a high deductible health insurance plan. Money deposited into a U.S. Bank HSA goes towards paying heath care insurance plan deductible costs, and the accounts earn tax-free interest. HSA funds and interest earned that are not used within a single year roll over year after year, and they remain in the account through job and health care plan changes.
U.S. Bank HSA is convenient for covering costs associated with medical exams, tests and treatments, dental procedures, and vision care. The account is useful for obtaining prescription drugs and prescribed over-the-counter medications. Technically, an HSA can be used as a form of supplemental income, but individuals under the age of 65 are assessed a 20-percent federal tax penalty for such use. U.S. Bank customers who qualify can open HSA investments account and funnel HSA savings to them.
Financial contributions made to a U.S. Bank HSA cannot go over individual or family HSA contribution limits established by the Internal Revenue Service. Accounts that exceed the maximum limit are assessed nominal tax penalties. Money is deposited to an HSA through automatic payroll deductions or transfers from a personal checking account, or an account holder can mail a personal check to a designated address.