CDs & IRAs
Earn a high rate of interest without any of the guesswork involved. A Cogent Bank certificate of deposit (CD) is an investment you can count on. Take advantage of fixed rates so you always know the return you're getting.
A Health Savings Account, or HSA, is a unique, tax-advantaged account that can be used to pay for current or future healthcare expenses. When combined with a high-deductible health plan, it offers savings and tax advantages that a traditional health plan can't duplicate. With an HSA, you have:
There are three key tax benefits to a Health Savings Account (HSA). Money goes into and comes out of an HSA tax-free (as long as funds are used to pay for qualified medical expenses).
Contributions to HSAs are not subject to federal income taxes.*
Earnings to an HSA from interest and investments are tax-free.
Distributions from an HSA to pay for qualified medical expenses are tax-free.
*Federal tax savings are available regardless of your state. State tax savings may not be available in every state. Cogent Bank does not provide tax advice. Consult your tax professional for tax-related questions. For more information concerning state taxes, please consult with your State Department of Revenue.
HSA Contribution Limit
At age 55, an additional $1,000 is allowed annually.
· Artificial limbs
· Artificial teeth*
· Birth control treatment
· Blood sugar test kits for diabetics
· Breast pumps and lactation supplies
· Contact lenses and solutions*
· Dental treatments (including X-rays, cleanings, fillings, sealants, braces and tooth removals*)
· Doctor’s office visits and co-pays
· Drug addiction treatment
· Drug prescriptions
· Eyeglasses (Rx and reading)*
· Fluoride treatments*
· Fertility enhancement (including in-vitro fertilization)
· Flu shots
· Guide dogs
· Hearing aids and batteries
· Infertility treatment
· Inpatient alcoholism treatment
· Laboratory fees
· Laser eye surgery*
· Medical alert bracelet
· Medical records charges
· Occlusal guards to prevent teeth grinding
· Orthotic Inserts (custom or off the shelf)
· Over-the-counter medicines and drugs, if prescribed by a doctor(see more information below)
· Physical therapy
· Special education services for learning disabilities (recommended by a doctor)
· Speech therapy
· Stop-smoking programs (including nicotine gum or patches, if prescribed)
· Surgery, excluding cosmetic surgery
· Vision exam
This list is not all-inclusive:
· Weight-loss program only if it is a treatment for a specific disease diagnosed by a physician (e.g., obesity, hypertension, heart disease)
· Compression hosiery/socks, antiembolism socks or hose
· Massage treatment for specific ailment or diagnosis
· CPR classes for adult or child
· Improvements or special equipment added to a home or other capital expenditures for a physically handicapped person
Listed below are some services and expenses that are not eligible for reimbursement. This list is not all-inclusive:
· Baby bottles and cups
· Baby oil
· Baby wipes
· Breast enhancement
· Cosmetics and skin care
· Cotton swabs
· Dental floss
· Hair re-growth supplies and/or services
· Health club membership dues
· Low-calorie foods
· Petroleum jelly
· Shampoo and conditioner
· Spa salts
Unused funds that will roll over year to year. There's no "use it or lose it" penalty.
Additional Retirement savings.
After age 65, funds can be withdrawn for any purpose without penalty, but may be subject to income tax if not used for IRS-qualified medical expenses.
Tips for Navigating the HSA Transfer or Rollover Process
It is important to understand the elements of an HSA transfer or rollover when making the decision to consolidate. Cogent Bank has provided a brief list of tips to help you navigate the process:
Cogent Bank HSA Account Features
If you or your employees are interested in applying for an HSA account from Cogent Bank, click below to contact us