Health Savings Account (HSA)
HSAs let you set aside pre-tax dollars from your paycheck to cover qualifying medical expenses. Money in the account earns competitive, tax-free interest. And, as long as you use funds to pay for an eligible expense, you can withdraw cash tax-free at any time.*
Enjoy the peace of mind that comes from knowing you have money in the bank to pay for medical costs as they come up. Open yours today.
- Summary
- Greater personal control over healthcare management and expenses
- Prepare for qualified medical expenses
- Avoid the $2.00 monthly service fee by maintaining a minimum balance of $1,000
- Earn interest on entire balance, computed daily and compounded monthly
- Receive higher rates on larger deposits
- 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- Funds can be withdrawn at any time
- Unused funds remain in account year after year; no "use it or lose it" policy
- Offers a free debit card and/or check blanks
- Keep your HSA in your name, regardless of career or life changes
- No minimum deposit to open
- Eligibility
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.
*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 However, if funds are withdrawn for reasons other than qualified medical expenses, the amount withdrawn will be included as taxable income, and is subject to a 10% penalty.
**Consult a tax advisor.