Health Savings Account at Baylake Bank

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	Have questions? We can help! Ask a Personal Banker about the benefits of a Baylake Bank HSA today.

Frequently Asked Questions	View HSA brochure for more FAQs.
Who may contribute to my HSA?	If you are eligible to open an HSA, you, your employer, your family members, and any other person may contribute to your HSA. If your employer contributes, they receive a federal tax deduction.
How do I claim the federal tax deduction for my HSA contribution?	Contributions to an HSA are fully federal tax-deductible, the earnings grow tax-deferred, and distributions to pay or reimburse qualified medical expenses are federal tax-free. You may deduct contributions on IRA form 8889, made by anyone other than your employer, as long as they do not exceed the maximum annual contribution amount.
What is the deadline for HSA contributions?	April 15 for previous year, no extensions.
Is there a penalty for withdrawing funds for reasons other than qualified medical expenses?	Yes, if you are younger than 65 years old there is a 10% penalty for withdrawals not used for qualified medical expenses. The penalty is waived for those 65 years of age and older. In both cases, early withdrawal will cause you to lose any federal tax deduction.
Is there an IRS approved list of medical expenses that I can spend my tax-free HSA funds on? LEAVING THIS SITE NOTICE: These websites are not managed by Baylake Bank. We do not warrant or guarantee that the information on the external website you are about to visit will be accurate or up to date or subject to our privacy policy. If you feel the website you are about to visit contains inappropriate content or if it is no longer available, please contact Baylake Bank.	Internal Revenue Service Yes, there is a list of allowable expenses published by the U.S. Treasury Department. In general, you can spend tax-free from your HSA on all medical, dental, vision, chiropractic, and even acupuncture expenses, but not on your insurance premium, unless you are unemployed and are collecting federal unemployment benefits. This list in its entirety is updated frequently and can be viewed at: http://www.irs.gov/pub/irs-pdf/p502.pdf
Is an HSA portable?	Yes, money in the account remains with the account holder.
What accounts are available?	HSA checking accounts, HSA CDs, and mutual funds.* *The Accessor Funds are not FDIC insured and are not obligations of, or guaranteed by, Baylake Bank. Investments in the Accessor Funds, like other mutual funds, involves investment risks including the risk of possible loss of principal invested.
What are the federal tax advantages?	–Contributions are tax deductible –Distributions are tax free as long as used for qualified medical expenses –Employer contributions are deductible to business –Interest grows tax deferred
Can I have a joint account?	Accounts are available as Individual ownership only. Your spouse can be an agent on the account and receive his/her own check card. No trusts allowed; however, a trust can be a beneficiary.
Can I use internet banking?	Yes, eBanc internet banking is provided free for Balance inquires, statement requests, download transactions, transfer funds from HSA to another account within Baylake Bank. You can even see your check images online.
What is the method to pay my health care bills?	Free check card available. Use the check card with your signature for a point-of-sale purchase, or choose to withdraw funds at an ATM. Online BillPay is available free with a qualifying checking account, or for a nominal monthly fee. Payments may also be made via check. Contact a Personal Banker for check ordering.

Baylake Bank | P.O. Box 9 Sturgeon Bay, WI 54235 | (920) 743-5551 or (800) 267-3610
Copyright © 1997-2010 Baylake Bank. All rights reserved.

Mary Borlee
Bayake Bank
Group Banking Coordinator

Are you a business owner who offers a high-deductible health care plan to your employees? Let Baylake Bank help!

We provide turn-key employee educational programs about Health Savings Accounts as well as offer on-site account Health Savings Account opening at your place of business.

For more information about a Health Savings Account and how it might benefit your business and employees, please contact Mary Borlee at Baylake Bank, 920-431-3687 or toll-free at 1-800-580-4440.