Health Savings Accounts (HSAs) are a great way to save!
• HSAs are savings accounts for individuals and families with qualified High Deductible Health Plans
• An HSA an “IRA-like” account that allows you to save for present and future health expenses
• Contributions are limited and will be reported to the IRS
• Qualified withdrawals are tax and penalty free at any time regardless of age or length the account has been opened if used for qualified health expenses
• No “Use it or lose it” penalties – your money continues to grow
Let Your Money Grow
- Your HSA account earns interest according to your selected institution guidelines
Easy Options for Contributions and Withdrawals
- Easy, convenient access through HSA check card and HSA checks
- Anyone can contribute to your HSA on your behalf, including employers and family
- IRA holders are permitted to make a one-time transfer to their HSAs
Health Savings Accounts Offer Great Benefits!
- Tax Savings: An HSA provides you with triple tax savings: (1) federal tax deductions when you contribute to your account; (2) tax-free earnings through investment, and (3) tax-free withdrawals for qualified medical expenses
- Flexibility: You can use the funds to pay for current medical expenses or save the money in your account for future qualified medical or retirement health needs
- Ownership: Funds remain in the account from year to year, just like an IRA. There are no “use it or lose it” rules with HSAs
- Portability: HSAs are completely portable, meaning you can keep your HSA or move it between financial institutions, even if you change jobs, change medical coverage, become unemployed, etc.
Find out More, with Bend HSA