Health Savings Account
Stay in good health, both physically and financially.
Open a Health Savings Account (HSA) in conjunction with a high deductible health plan. Then earn interest to cover medical costs tax-free!* An HSA is easy-to-use, and easy to access your savings if need be. So a trip to the doctor doesn’t put your bottom line under the weather — no matter how you feel before your visit.
- Greater personal control over healthcare management and expenses
- Prepare for qualified medical expenses
- Earn competitive interest 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- Funds can be withdrawn at any time**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
- Free online banking
- Free eStatements
- Free HSA debit card
- Federally insured by FDIC
- $100 minimum deposit to open
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 However, if funds are withdrawn for reasons other than qualified medical expenses, the amount withdrawn will be included as taxable income, and is subject to a 10% penalty.