Health Savings Account (HSA)
Many American adults will struggle to pay their medical bills this year, but you don’t have to. With an HSA, you can save pre-tax, and also earn interest above standard savings.
An HSA offers you the freedom to use your funds for any number of medical expenses, as long as they qualify. Get peace-of-mind knowing you'll be financially ready for the unexpected. Talk to our friendly experts today!
- Greater personal control over healthcare management and expenses
- Prepare for qualified medical expenses
- Earn interest above standard savings rates on entire balance
- An HSA provides triple tax savings:
- Tax deductions when you contribute to your account
- Tax-free earnings through investment
- Tax-free withdrawals for qualified medical, dental, vision expenses, and more*
- Contributions are tax-free and can be made by you, your employer, or a third party
- Funds can be withdrawn at any time**
- No monthly service fee
- No minimum balance requirements
- Unused funds remain in account year after year; no "use it or lose it" policy
- Keep your HSA in your name, regardless of career or life changes
- Federally insured by FDIC
- No minimum deposit to open
- How It Works
An HSA is a tax-advantaged medical savings account that works in conjunction with a high deductible health plan (HDHP).
You can use HSA dollars to help pay your health insurance deductible. Once the deductible is met, your insurance will start paying. Money left in your HSA account earns interest and is yours to keep.
And don’t forget, HSA dollars can also go to other qualified medical expenses, such as vision or dental care, without any tax penalties.
Most adults under 65 who are not enrolled in Medicare and are covered under a high-deductible health plan (HDHP) can qualify for an HSA, but it is up to the account holders to determine their own eligibility. Please contact your tax advisor for further eligibility requirements.
*Consult a tax advisor.
**You can withdraw funds at any time for any purpose. However, if funds are withdrawn for reasons other than qualified medical expenses, the amount withdrawn will be included as taxable income, and is subject to a 20% penalty.