TAKE HEALTHCARE SPENDING BACK INTO YOUR OWN HANDS

Thank you for your interest in a Health Savings Account (HSA). Sherman/Howard County Bank is pleased to be able to offer HSA to both groups and individuals with qualifying high deductible health plans. Health Savings Accounts are an excellent way to pay for health care and provide tax savings. They also allow you to take health care spending back into your own hands. 

Health Savings Accounts are tax-exempt accounts that allow you to accumulate savings tax free to pay for qualified medical expenses. This account allows you to have an affordable premium without risking your insurance protection. Balances held in a HSA will automatically roll over from year to year. Patients are free to choose their own physicians, which gives them more flexibility. Health Savings Accounts can also be used to supplement income at retirement or in case of disability.

As always, you can trust that we will help you understand and apply the IRS’s HSA rules for individuals, families and group plans. 

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PERSONAL SERVICE

At Sherman and Howard County Banks, personal service is guaranteed. We take a lot of pride in continually striving to exceed customer expectations. Further, if you live in Nebraska, keeping your business close to home benefits our Nebraska economy. Thanks for considering Sherman and Howard County Banks for your HSA needs! 

HSA FEATURES

Sherman/Howard County Bank is pleased to be able to offer you Health Savings Accounts with investment options to fit your needs. HSA funds can be held in a convenient savings account or you may invest excess funds in an HSA certificate of deposit. A key feature of the HSA is that unused funds accumulate over the years for your future needs!

• Traditional check writing convenience.
• Monthly bank statements with images.
• Earn interest on your HSA balance, with no minimum balance requirements. Interest is credited to your account monthly.
• Invest excess balances in an HSA Certificate of Deposit or with Kirk Harrington our Sunrise Investment Center Representative.
• Free IRS reporting of your contributions and distributions to the IRS each year.
• Value, plus these rewards for larger balances: 

Minimum Balance In HSA Savings	Monthly Service Charge
$0 - $1500	$3
$1501 - $2500	$2
Over $2500	FREE

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OPENING AN HSA

Opening a Health Savings Account is easy! First you must have an HSA-eligible health insurance plan. We can help you locate an insurance company that offers HSA Health Plans.

We will send you the HSA plan documents as soon as your high deductible health insurance plan becomes effective and we receive the completed HSA Application along with a check for the $25 application fee or the $5 transfer fee.

The HSA Application is in Adobe Acrobat® (PDF) format and requires Acrobat reader. If you do not have Adobe installed, please click on the icon for a free download.

You can order personal checks for your account and should receive them within 2 weeks of processing your application. Contribution eligibility is based on IRS requirements and can be made annually or through periodic contributions. Throughout the year you can use checks to pay qualified medical expenses directly or to reimburse yourself for medical claims paid from your personal account. Sherman County Bank, as custodian for your HSA, will not review distributions for eligibility. You will be responsible for keeping your medical receipts on file to substantiate your distributions to the IRS. Your tax-preparer will need to attach Form 8889 to your tax return. 

It’s really that easy!

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DISCLOSURE

It is important to consult your tax advisor regarding the tax benefits of the Health Savings Account. Health insurance plans must meet federal guidelines for use with this HSA products and likewise contribution eligibility is based on IRS rules. Sherman County Bank accepts no responsibility for certifying distributions from the Health Savings Account in accordance with IRS rulings.

Interest rate on HSA savings is variable, and may change at the bank’s discretion. Fees may reduce earnings on the account. Ask for a current rate sheet and disclosure. Overdrafts are the sole responsibility of the account owner and may cause the Health Savings Account to be disqualified by the IRS.

Application Fee Transfer In Fee Transfer Out Fee

$25.00  $ 5.00  $25.00

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HSA CONTACT

Personal Bankers:
Susan Jarzynka – 308-745-1500
susanj@shercobank.com

Pamela Grossart – 308-745-1500
pgrossart@shercobank.com

Deana Quinn – 308-745-1500
deana@shercobank.com

Marla Harris – 308-754-5400
marla@shercobank.com

Mary Lou Navratil – 308-754-5400
marylou@shercobank.com

Dawn Webb – 308-226-2505
dawn@shercobank.com

Linda Grim – 308-226-2505
linda@shercobank.com

Rose Mrkvicka – 308-336-3343
farwell@shercobank.com

Please send HSA Correspondence to:
Sherman County Bank
Susan Jarzynka or Pamela Grossart
P O Box 543
Loup City, NE 68853-0543

ADDITIONAL RESOURCES
If you need more information about how HSA’s work, we would be happy to visit with you. You may print IRS Publication 969 and 502 at http://www.irs.gov or download Notice 2004-2 from the Treasury Department at this link. 

http//www.treas.gov/press/releases/reports/1061notice20042.pdf

The notice is in Adobe Acrobat® (PDF) format and requires Acrobat reader. If you do not have Adobe installed, please click on the icon for a free download.

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