Health Savings Accounts (HSA)

• Greater personal control over healthcare management and expenses
• Prepare for qualified medical expenses
• Earn interest above regular savings on entire balance
• Receive higher rates on larger balance
• An HSA provides tax advantages:
  • Contributions may be tax deductible
  • Tax-free earnings through investment
  • Tax-free withdrawals for qualified medical, dental, vision expenses, and more*
• Contributions are tax-free, with limits set by the IRS, and can be made by you, your employer, or a third party
• Funds can be withdrawn at any time by check or debit card**
• No monthly service fees
• 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
• Free digital banking
• $100 minimum deposit to open
• $30 Annual Fee

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 However, if funds are withdrawn for reasons other than qualified medical expenses, the amount withdrawn will be included as taxable income, and is subject to a 10% penalty.

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.