Why Health Savings Account?
No Setup or Maintenance Fees
Withdraw Funds at Any Time
Benefits of Health Savings Accounts (HSA)
- Be ready for medical expenses as they arise
- Earn interest above standard savings on entire balance
- Receive higher rates on larger deposits
- Minimum balance to open is $100.00
- Federally insured by FDIC
- Funds can be withdrawn at any time**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
- 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
* 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 However, if funds are withdrawn for reasons other than qualified medical expenses, the amount withdrawn will be included as taxable income, and is subject to a 10% penalty.
Am I eligible for a Health Savings Account?
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.Contact Us learn more for Contact Us
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