Important Notice: Proper Endorsement on Escrow Checks Required
Escrow refund checks are made payable to both you (the mortgagor) and your municipality. These checks must be endorsed by you and then presented to the municipality for processing.
Attempts to deposit these checks without proper endorsement will not be accepted.
For instructions on handling tax overages, please contact your municipality directly.
If you are covered by a high-deductible health plan (HDHP), you can open an HSA.
PyraMax Bank’s HSAs offer you a convenient way to hold your contributions, earn a competitive interest rate and pay your qualified medical expenses.
To open an HSA, please provide:
Please consult your insurance plan representative to determine if you have an HDHP and consult your tax advisor regarding the tax-deductible contribution feature of HSAs.
To learn more or to open an account, call 414-421-8200.
| Minimum Balance to Earn APY* | Minimum Balance to Open | Interest Rate | APY* |
|---|---|---|---|
| $0 – $999.99 | $0.00 | 0.100% | 0.100% |
| $1,000 – $9,999.99 | $0.00 | 0.100% | 0.100% |
| $10,000.00 – $24,999.99 | $0.00 | 0.150% | 0.150% |
| $25,000 and over | $0.00 | 0.150% | 0.150% |
Anyone — individuals, employees and employers — can open an HAS, but you must have a corresponding high-deductible health policy. An HSA can be established for any individual who meets all of the following:
No, everyone is eligible.
You may, but in order to qualify for an HSA you must be an eligible individual (see above) and have a qualified high-deductible health plan (HDHP). A qualified HDHP is one that has specified minimum limits for the annual deductible and maximum limits for out-of-pocket expenses. Your insurance carrier or employer should know if you have a qualified HDHP.
To open your HSA, please visit any one of our bank branches. We will ask you a few simple questions and complete the necessary paperwork. You can also request a debit card and online banking with your HSA.
No. The HSA can be set up with any qualified trustee or custodian. Many people are choosing to open their HSAs with a provider that is different from their insurance company to take advantage of lower fees and establish independence in the event that they change insurance providers. A PyraMax Bank HSA has no minimum balance or monthly fees.
Yes. Your HSA checking account with PyraMax Bank is FDIC insured.
Before you can open a health savings account with HSA Resources, you must first be insured with a high-deductible health plan.
Yes. The HSA belongs to the individual, not the employer, and any eligible individual may open an HSA. As long as you are covered under a HDHP, you may open and contribute to an HSA.
Yes. You may both open an HSA; however, the total amount that may be contributed to your HSAs is still the contribution limit. You can also open one HSA account that you both have access to —whichever you prefer.
Your HSA belongs to you regardless of your employment. If you lose your job and elect to retain your HDHP under COBRA, you may even pay the COBRA premiums from your HSA.
Any eligible individual may contribute to an HSA. For an HSA established on behalf of an employee, both the employee and the employer may make contributions. Additionally, family members may make contributions on behalf of other family members as long as the other family member is an eligible individual (i.e., has a qualified HDHP and is not otherwise insured).
The guidelines for contribution maximums are set by the IRS and may change annually. There are different contribution levels for single coverage, for family coverage and for individuals over age 55. Caution: if this is your first year of HSA eligibility, the amounts above may be reduced if you fail to meet a testing period. If you are an existing HSA owner, the amounts above may be reduced if you fail to maintain your eligibility for the full tax year. To find out the contribution limit for the current year, visit the IRS website or contact one of our bank branches for assistance.
No. If you have single coverage, you are limited to the individual HSA contribution limit.
You can fund your account over time or all at once. Also, one of the big benefits for employees is that contributions may be tax free: individuals’ contributions may be made on a pre-tax basis, and employer contributions may be deductible as employer-provided coverage for medical expenses and contributions on behalf of another family member may be deductible. Consult your tax advisor regarding your specific situation.
Simply stop by any one of our convenient bank branches or mail a contribution at your convenience.
Eligible individuals who are over age 55 but under age 65 are allowed to make additional “catch-up” contributions to their HSAs. The catch-up contribution limit can change annually. To find out the contribution limit for the current year, visit the IRS website or contact one of our bank branches for additional assistance.
Yes. You may fully fund your HSA up to the contribution limit.
As long as you have not enrolled in Medicare Part A or B, you are an eligible individual and may contribute to your HSA. Once you enroll in Medicare, you may no longer contribute to your HSA. For most individuals, this means you will no longer be eligible when you turn 65.
You can make your HSA contribution until your tax filing due date (April 15 of the year following the tax year for most people).
In general, you can use your HSA funds to pay for any qualified medical expense that was incurred after the HSA was established. Qualified medical expenses are a defined term created by the IRS and include medical care, prescription drugs and payment for long-term care. The IRS website provides a specific list of qualified medical expenses.
Yes, however, if the funds are withdrawn for any expense other than a qualified medical expense, the IRS will impose a penalty tax. After you reach age 65, you can withdraw the funds without penalty, but the amounts withdrawn will be taxable as ordinary income.
Yes. The individual who establishes the HSA is required to maintain a record of the expenses sufficient to demonstrate that the distributions were for qualified medical expenses.
Generally, you cannot treat insurance premiums as qualified medical expenses, but the IRS has some special instances when you can use your HSA to pay for certain premiums. Consult the IRS website for additional information.
Yes. An MSA can be rolled over into an HSA. The process is very simple and straightforward. Simply stop into any one of our branches for assistance.
No. There are no limits, and the entire HSA balance can be carried over from year to year.
Yes. The law allows a one-time transfer of IRA assets to fund an HSA. The amount transferred may not exceed the amount of one year’s contribution, and individuals must be otherwise eligible to open an HSA. Transfers are not taxable as IRA distributions; however, amounts transferred into an HSA from an IRA are not deductible. Simply stop into any bank branch for assistance.
