HSA & IRA
Health and Retirement
Health Savings Accounts (HSA)
CBNWI can help you manage ongoing and unexpected medical expenses with our Health Savings Account (HSA). HSA’s are available to individuals that are covered by a high deductible health insurance plan. Benefits of our HSA include:
- Tax-deductible contributions
- May have tax-deductible contributions
- Tax-deferred earnings
- Distributions are not taxed when used to pay for qualified medical expenses.
- Optional checks available
- Unfortunately, this is not available to Medicaid or Medicare participants
- HSAs are subject to limitations and/or penalties imposed by the Internal Revenue Service. Please see your HSA agreement or tax advisor for additional information.
- HSA is subject to a $25.00 fee to open account.
Individual Retirement Accounts (IRAs)
IRAs are subject to limitations and/or penalties imposed by the Internal Revenue Service. Please see your IRA agreement or your tax advisor for additional information.
Traditional IRAs
- We offer both CD IRAs and Savings IRAs
- Our IRAs are available to you even without employer participation
- IRAs are subject to penalty for early withdrawal (before age 59 ½)
Roth IRAs
- We offer both CD IRAs and Savings ROTH IRAs
- Post-tax dollar contributions
- Principal is not subject to tax or penalties as long as contribution limits are met
- Earnings are subject to tax
