You may have thought before, “I can’t afford to get sick.” Medical needs not only take a toll on our health, they take a toll on our finances. With a health savings account (HSA), money is specifically set aside for medical expenses — so you never have to worry if you can afford to get sick. Earn competitive interest on tax-free contributions made by you and your employer. And there’s no “use it or lose it” policy, so your savings will follow you throughout your life.
- Save for future qualified medical expenses for you and your family
- Earn interest above standard savings on entire balance
- Receive higher rates on larger deposits
- 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- Funds can be withdrawn at any time**
- $25 yearly 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
- $500 minimum deposit to open
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.
*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 However, if funds are withdrawn for reasons other than qualified medical expenses, the amount withdrawn will be included as taxable income, and is subject to a 10% penalty.