Nancy Denstad has earned her designation as a Certified Health Savings Professional (CHSP), enhancing her expertise in helping personal and business customers with Health Savings Accounts (HSAs).
“This additional training provides me with more resources to answer questions and provide answers for individuals and businesses,” Denstad said. “It’s an area that is quickly gaining in popularity because of its practicality and flexibility.”
For individuals to be eligible for HSAs they must meet certain requirements:
- Be covered by a high-deductible health plan.
- Generally, not be covered by a non high-deductible health plan.
- Not enrolled in Medicare.
- Not eligible to be claimed as a dependent on someone else’s tax return.
“Employees of businesses that offer qualifying high deductible plans view HSAs as quite a perk because it allows them to put away tax deductible funds, or pre-tax if made through a payroll deduction, interest earned on an HSA is tax deferred and, as long as withdrawals are made for qualified medical expenses, withdrawals are tax free,” Denstad said. Denstad works with many area businesses to offer the convenience of HSAs through payroll deduction.
Denstad pointed out the accounts are portable, so they can move between jobs, or in to retirement. The account can be used for the account holder, a spouse or a dependent, and the money transfers for a spouse’s use if the account holder dies.
“It’s an awesome account. There are other benefits, too,” Denstad said, adding she encourages people interested in HSAs or IRAs to check with their tax and/or insurance professionals for advice.
Denstad, the Deposit Account Services Manager in Winona, adds the CHSP designation to her designation as a Certified IRA Services Professional (CISP). To earn her CHSP designation Denstad completed coursework and testing from Ascensus, a leading Health Savings Account education and support services provider.
Merchants Bank has 21 locations, including its locations in Winona, Goodview and other Minnesota locations in St. Charles, Rochester, Rushford, Lanesboro, Caledonia, La Crescent, Spring Grove, Cannon Falls, Red Wing, Hampton, and the southern Twin Cities metropolitan suburbs of Apple Valley, Cottage Grove, Hastings, Lakeville and Rosemount. Merchants has Wisconsin locations in Eau Claire and Onalaska. Twin Cities-based Merchants Bank Equipment Finance is also a division of Merchants Bank, N.A.