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Health Savings Accounts
Why Use a Health Savings Account?
A Health Savings Account (HSA) is a tax-free savings account that works like an IRA, and it’s linked to a high-deductible health insurance plan.
Individuals, their employers, or both, can contribute funds each year to the HSA. Contributions, interest and investment earnings are tax-free.
The account owner can use the funds for “qualified medical expenses,’ or simply let the funds grow tax-free through earnings.
Not only do you have complete ownership and control of your Health Savings Account (HSA), but our account is much less expensive than many HSA accounts, which charge high fees. Our annual fee is only $20, and we offer free online banking, electronic statements, and a debit card for easy purchases.
Remember: to open a Health Savings Account, you must first be enrolled in a high-deductible health plan (HDHP).
Benefits of a Health Savings Account
- Security – Your high-deductible insurance and HSA protect you against high or unexpected medical bills.
- Affordability – You should be able to lower your health insurance premium by switching to a health insurance coverage with a higher deductible. The funds you contribute into your HSA also qualify as a tax deduction on federal income taxes.
- Flexibility – You can choose to use the funds in your account to pay for current medical expenses, or save the money for future needs.
- Savings – You can grow the money in your account through investment earnings to pay for future medical expenses.
- Ownership – Funds remain in the account from year to year, just like an IRA. There are no “use it or lose it” rules for HSAs.
Account owners have full control over the account, and can make all decisions about the HSA, including how much money to put into the account, which investments to make, and which medical expenses to pay from the account.