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Health Savings Accounts

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.

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