Checking Accounts

• STAR Debit MasterCard
• Online banking, BillPay, e-Statements
• Free access to STAR mobile banking app
• IDProtect® Identity Theft Monitoring & Resolution Service¹
  - Credit File Monitoring – daily credit file monitoring and automated alerts of key changes to your Experian, Equifax and TransUnion credit reports
  - Identity Monitoring – continuous monitoring of over 1,000 databases including credit, Social Security, public records, real property records, telephone and many others
  - Credit Report & Score - receive new single bureau credit score with every new credit report
  - Fully Managed Identity Theft Resolution Services – access to a dedicated fraud specialist assigned to manage your case who will work with you until your credit and identity are restored
  - Up to $10,000 Identity Theft Expense Reimbursement Coverage²
  
• One overdraft fee forgiveness per year
• No minimum balance required
• Minimum $50 deposit required to open an account
• Credit Score Tracker^2,3 & Financial Wellness 360^o
• Cash Back Member Rewards⁴
  You can earn 10%cash back on your everyday purchases, such as groceries, household supplies, entertainment. Save receipts and submit quarterly for cash back rewards. You are eligible to submit receipts totaling up to $100 each quarter for a total cash back of up to $10/quarter or up to $40/annually. Additional terms and conditions may apply.
• $hopping Rewards™⁵
  Access exclusive offers and discounts at thousands of leading online retailers
  
• Travel & Entertainment Discounts
  Get money-saving discounts from thousands of local and national business on your next fun adventure 
• Greenlight Eligible
• Unlimited check writing
• $5.95 monthly service fee
  
• Account bears no interest

If you have benefits through a qualified High-Deductible Health Plan (HDHP), a Health Savings Account (HSA) lets you put money aside, tax-free, for healthcare expenses. Unused funds in the HSA are carried over from year to year and continue to earn tax-free interest until you withdraw the funds.

 

Eligibility

To qualify for an HSA, you must:

• Be covered under a qualified High Deductible Health Plan (HDHP) 
  
• Have no other health coverage besides an HDHP 
  
• Not be enrolled in Medicare or Medicaid 
  
• Not be eligible to be claimed as a dependent 
  

If another taxpayer is entitled to claim an exemption for you, you cannot claim a deduction for an HSA contribution. This is true even if the other person does not actually claim the deduction. 

HSAs are titled as individual ownership, although you may designate an authorized signer and/or beneficiary.

Eligible Expenses

Choose an HSA to pay for qualified medical expenses*:

• Medical services (including dental and vision care) 
  
• Hospital costs 
  
• Prescription drugs
• Long-term care insurance 
  
• Health insurance premiums during any period of unemployment

*This is only a partial list. The Internal Revenue Code Section 2103(d) states that eligible expenses must be made for "medical care." This is defined as amounts paid for the "diagnosis, cure, mitigation, treatment or prevention of disease, or for the purpose of affecting any structure or function of the body." 

For a detailed description of medical expenses eligible for payment through your HSA, please refer to publication 502 at treasury.gov .

Benefits

Advantages of a STAR Bank Health Savings Account:

• Competitive interest rate
• $4.00 monthly maintenance fee is waived when you sign up for STAR's free Online Banking
• Monthly e-mail with a direct link to your HSA online statement where you can check your contributions and distributions, and view cancelled check images.
• Free STAR Online Banking also gives you fast access to your HSA records, making it easier to prepare your taxes.
• If you change employers, your HSA moves with you.

Contributions

An HSA features many tax benefits that help you better manage medical expenses. At the same time, it can be a very attractive retirement savings option.

With an HSA, you may claim a tax deduction for contributions that you, or someone other than your employer, make to your HSA even if you do not itemize your deductions on Form 1040.

Contributions to your HSA made through payroll deductions by your employer may be excluded from your gross income, including those contributions made through a cafeteria plan.

• HSA interest earned is tax-free 
  
• Distributions are tax-free, as long as funds are used for qualified medical expenses 
  
  

Rollover Rules

To rollover your HSA to STAR, please contact a banker to get started.

Related Resources

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¹$4.00 monthly maintenance fee is waived when you sign up for STAR's free Online Banking.