Health Savings Account

A Health Savings Account (HSA) is a tax-favored savings for individuals and families covered by high deductible health insurance plans (HDHP).

Benefits of opening an HSA:

  • Tax savings – tax-deductible contributions, tax-deferred earnings, tax-free withdrawals (if used properly)
  • Flexible – pay for current medical expenses or save for future ones
  • Funds in the HSA grow tax-free and carry over year after year
  • The HSA stays with you, regardless of change in coverage or employment

To be eligible for an HSA, you must meet the following requirements:

  • Be enrolled in a qualified high deductible health plan (HDHP)  
  • Not be covered by another non-HDHP (with limited exceptions)
  • Not enrolled in Medicare
  • Not eligible to be claimed as a dependent on another person’s tax return

Please contact us or visit your local branch for more information or to open a Health Savings Account.

 

Because certain restrictions apply, please seek competent tax advice.