Common use of Account Description Clause in Contracts

Account Description. Health Savings Accounts (HSAs) are tax-exempt trusts or custodial accounts used in conjunction with a High Deductible Health Plan (HDHP). There are certain tax advantages to putting money into these accounts including favorable tax treatment. A Health Money Management is available to members who wish to take advantage of the federal HSA benefits while earning money market rates and reserving check-writing privileges. The member is responsible for determining account eligibility. Deposits will be considered for current year unless you specify otherwise between January 1 and April 15 that it is to be applied to previous year contributions. All withdrawals will be reported to the IRS as a normal distribution unless stated on HSA Withdrawal Instruction Form 2606H. For additional information, please see separate HSA disclosure.