Health Savings Accounts
Easily pay healthcare expenses and save for the future.
Paying for healthcare can be costly and confusing. One method that’s gaining popularity is to have a High Deductible Health Insurance Policy (HDHP) paired with a Health Savings Account (HSA).
An HSA is a potentially tax-advantaged account that can help you pay for out-of-pocket medical expenses and save for future costs. These funds can be used for everything from trips to the chiropractor, to eyeglasses, to prescription medications; giving you flexibility on how and where you spend your money.
Making contributions to your HSA may help reduce your taxable income. In addition to the tax benefits, unused funds roll over from year to year, earning interest based on your specific type of HSA and account balance.
Health Savings Accounts are a smart way to save for medical expenses and invest tax-advantaged money.
- No setup fee
- No monthly maintenance fee
- Interest paid via rate tiers based on balance and credited to your account monthly
With a free Visa debit card and the option of checks, a Health Savings Checking Account helps you earn interest and maintain easy access to your funds. You can simply pay for co-pays, prescriptions, and other medical expenses as they occur.
Put aside money for future medical costs without any fixed term. Our Health Savings Investment Account: No Term works like a savings account, paying interest based on your account balance and giving you the flexibility to reimburse yourself for any out-of-pocket medical expenses.
If you don’t anticipate needing access to your medical funds right away, you can earn a higher interest rate by selecting a fixed term. We offer a variety of terms for our Health Savings Investment Account: Term account to better suit your needs.
*Talk to your trusted tax advisor to determine if a Health Savings Account is the right option for you.
More information on High Deductible Health Plan requirements, current annual contribution limits, and qualified medical expenses can be provided in any banking office or found online at www.IRS.gov.
It is the client’s responsibility to determine if their health plan is HSA “qualified” and to monitor the use of the funds withdrawn from an HSA. Tax rules involving Health Savings Accounts should be handled carefully by a tax advisor. Prior to making your decision on choosing a Health Savings Account please consult the expertise of a tax advisor to make sure this is the best option for you. Benefits and program subject to change or cancellation without notice and at bank’s discretion.
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