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Personal Banking /
Helping families manage healthcare costs.
Opening a Mercantile Bank HSA is a great first step for families and individuals seeking to control their own personal healthcare costs. Explore the many financial benefits you will realize.
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Tap into your Mercantile Health Savings Accounts for health care expenses
An interest-bearing checking account to be combined with a high-deductible health plan (HDHP).
Best for long-term savings needs for those seeking higher rates of return with less need for liquidity.
Once your HSA checking account balance reaches $2,500, you are eligible to transfer a portion of your funds into a range of investment options and earn potentially higher, tax-free returns.
Through a strategic partnership with Devenir, the national leader in HSA investment options, Mercantile Bank of Michigan is offering its HSA account holders the option of investing in several "best in class" mutual funds. The funds cover a variety of nationally recognized fund families and asset classes and are self-managed by the HSA accountholder.*
Fees: The monthly fee for the investment account is $4.25. This fee is deducted from your transactional account.
*Investment options are Not FDIC Insured, May Lose Value and are Not Guaranteed by the Bank
*Investment options are Not FDIC Insured, May Lose Vale and are Not Guaranteed by the Bank.
You may submit completed forms to HSA Support by fax or mail, or bring the completed form in person to any Mercantile Bank location.
HSA Support Fax:
HSA Support Mail:
Mercantile Bank of Michigan/HSA Support
PO Box 2208, Grand Rapids, MI 49501
Please note: If you applied online to open your HSA and you did not return a signature card for your account, you may be required to have your signature notarized when completing the forms listed below.
If you are unsure whether or not you have completed a signature card for your HSA, feel free to contact us and we would be happy to assist you.
Mercantile offers a number of options for making contributions to your HSA:
Enroll in Online Banking at www.mercbank.com and choose Enroll in Personal Online Banking. Once enrolled you can login with your Login ID and password.
Always present your insurance card before paying for a medical expense to ensure the expense is submitted to your insurance company.
All doctor´s office, emergency room and medical visits should be billed to your insurance company before you pay any expenses. Wait until you receive your insurance statement showing any balances owed before you pay an expense. Your insurance company will keep track of funds that had to be paid by you and will accrue those totals to determine your deductible balance.
Prescription costs are also submitted to your insurance provider so that those costs can also be tracked toward your deductible.
You can continue to use the funds in your HSA to pay for qualified medical expenses tax-free after you have retired. When you enroll in Medicare, you can use your HSA funds to pay Medicare premiums, deductibles, co-pays, and coinsurance under any part of Medicare.
When you reach age 65 or older, you may also use the funds in your HSA for non-qualified expenses; however, non-qualified expenses distributed from your HSA are subject to income tax should be reported in your annual income tax filing, but are not subject to IRS penalties.
You'll need to complete IRS form 8889. Mercantile will send a number of documents to you with information regarding your HSA that you can use to complete your taxes.
The many benefits of administering your own HSA make it the right choice for so many different people and scenarios. While every situation is unique, the following represent some of the key benefits associated with a Mercantile Bank HSA.
Funds that are withdrawn to pay costs not covered by a high-deductible insurance plan can be accessed tax free for the qualified medical expenses listed below. Funds withdrawn to cover costs not associated with qualified medical expenses are subject to taxes at your current tax rate and an additional 20% tax penalty.
(potentially covered by HSA funds)
(not covered by an HSA and subject to taxation plus 20% tax penalty)
A Health Savings Account (HSA) delivers added benefit to employees with an existing qualified high-deductible health insurance plan. Employees can use their HSA to support costs not covered by an existing employer-administered insurance plan. Prescriptions, co-pays and deductibles are just some of the eligible expenses that a Mercantile Bank HSA can help.
Anyone who is:
If you meet all the criteria above, we encourage you to Open an HSA Account or to contact a Mercantile Bank HSA specialist to get your questions answered so you can begin to experience the benefits of a Mercantile Bank HSA.
Account-holders are urged to carefully weigh the advantages and disadvantages of investing HSA funds in the Investment Options versus holding them in their Mercantile Bank HSA Checking Account. Investors should carefully read the Investment Policy together with the prospectus from each mutual fund selected before investing or sending money. These documents provide information regarding investment objectives and risk, as well as charges and expenses which may be imposed for early liquidation of mutual fund investments, etc. There are no guarantees that the Investment Options will make money. Additional contributions cannot be made to an HSA account to replace any losses that result from investing. Please keep all of these factors in mind when considering which account is right for you.
Mercantile Bank is not a registered investment advisor, nor is Mercantile Bank acting in the capacity of a registered investment advisor with respect to the offering of HSA Investment Account Investment Options. The Bank engages the support of Devenir Investment Advisors, LLC, a registered investment advisor and Devenir, LLC, a Broker Dealer member of NASD / SIPC (Collectively "Devenir") to select the HSA Investment Account Investment Options. Devenir screens the Investment Options offered using a number of criteria which include, but are not limited to total fund performance, Morningstar ranking relative to other funds with similar investment objectives, and track record. Devenir periodically reviews the Investment Options, and may recommend changes in the Investment Options being offered if a particular fund no longer meets the selection criteria. Participation in the Investment Options is voluntary. Under no circumstances is Mercantile Bank offering any of the HSA Investment Account Investment Options, and the Bank makes no representations with respect to the Investment Options offered. Mercantile Bank disclaims any and all liability, contingent or otherwise, for the performance of the Investment Options. Please see your financial advisor for personal investment advice.
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