An Account Dedicated to Medical Expenses
A Health Savings Account (HSA) is an individual savings account established for the sole purpose of helping to pay medical expenses, but HSAs are only available to those that participate in a high-deductible health insurance plan. So while the high-deductible policy provides protection against major medical expenses, the HSA account is used to pay for your day-to-day medical expenses.
- You control the money in your HSA.
- You can use it to pay for eligible medical expenses for you or your family.
- Money you do not spend can carry forward to future years.
- You can even use the money penalty-free after age 65 for any purpose you want.
- Contributions are tax-deductible and eligible distributions are tax-free.
Ask us for more details or to find out if an HSA is right for you.
Health Savings Account Details
| Account Name | Minimum Opening Deposit | Minimum Balance Requirements | Fees | What You Should Know |
|---|---|---|---|---|
Health Savings Account | None | None | None | Must be enrolled in a high-deductible health plan to be eligible Contributions to your HSA are unlimited Funds can be used on qualified medical expenses Funds roll over from year to year Contributions are tax-deductible and eligible distributions are tax-free* |