Health Savings Accounts (HSAs)
No matter where you stand on the healthcare debate, an HSA is always a great idea. It helps you save for future medical expenses, earn interest, and gain valuable tax advantages. You own and control the money in your HSA, no matter if you change employers or insurance. Access to funds is simple — available by check, online banking, or a complimentary Visa® debit card.
- Greater personal control over healthcare management and expenses
- Prepare for qualified medical expenses
- 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- Funds can be withdrawn at any time**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
Most adults under 65, who are not enrolled in Medicare, and are covered under an HSA qualified 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.
LEARN MORE ABOUT HEALTH SAVINGS ACCOUNTS (HSAS)
For more information regarding Health Savings Accounts, review IRS Publication 502 and IRS Publication 969 .
*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 However, if funds are withdrawn for reasons other than qualified medical expenses, the amount withdrawn will be included as taxable income, and is subject to a 10% penalty.