Ingles Markets also offers a Health Savings Account Option (HSA), which is administered by HSABank. The HSA is only available to members who are enrolled in the High Deductible Health Plan (HDHP).
A Health Savings Account, or HSA, is a tax-advantaged savings account you can use for healthcare expenses. Along with saving you money on taxes, HSAs can help you grow your savings nest egg for retirement.
• Contribute to your HSA by payroll deduction, online banking transfer, or personal check.
• Pay for qualified medical expenses for yourself, your spouse, and your dependents. Both current and past expenses are covered as long as they’re from after you opened your Health Savings Account.
• Use your HSA Bank Health Benefits Debit Card to pay directly, pay out of pocket for reimbursement, or grow your HSA funds.
• Roll over any unused funds year to year. It’s your money — for life.
• Invest your HSA funds and potentially grow your savings.
HSAs have triple tax protection: the money goes in tax-free, it can be invested and grown tax-free, and when used on health care expenses, it comes out tax-free. Ingles matches dollar-for-dollar up to the first $250 each plan year. The HSA can be rolled over from year to year, and you can take it with you if you terminate the company; it’s completely portable!
Investment accounts are not FDIC insured, may lose value, and are not a deposit or other obligation of, or guarantee by the bank. Investment losses that are replaced are subject to the annual contribution limits of the HSA. HSA funds contributed more than these limits are subject to penalty and tax unless the excess and earnings are withdrawn before the due date, including any extensions for filing Federal Tax Returns. Accountholders should consult with a qualified tax advisor in connection with excess contribution removal. The Internal Revenue Service requires HSA Bank to report withdrawals that are considered refunds of excess contributions. For the withdrawal to be accurately reported, accountholders may not withdraw the excess directly. Instead, an excess contribution refund must be requested from HSA Bank, and an Excess Contribution Removal Form must be completed. Federal tax savings are available regardless of your state. State tax laws may vary.
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Click here for more information on Ingles benefits, programs, and plans that are offered to our associates.
