Health Savings Account (HSA)

Don't wait for medical problems to strike — take your healthcare into your hands today. HSAs provide a tax-advantaged* strategy to take care of yourself at any stage of life. Best of all, it rolls over from year to year, so if you need it in two days or ten years, you're covered. All that, and you'll earn competitive interest on your balance.

*Consult a tax advisor

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Summary
  • Greater personal control over healthcare management and expenses
  • Prepare for qualified medical expenses
  • 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  • Funds can be withdrawn at any time**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
  • Keep your HSA in your name, regardless of career or life changes
  • Federally insured by FDIC
  • $50 minimum deposit to open

*Consult a tax adviser.

**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 However, if funds are withdrawn for reasons other than qualified medical expenses, the amount withdrawn will be included as taxable income, and is subject to a 10% penalty.

Eligibility

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.