The cost of needing medical treatment today is increasingly high. Health insurance helps, but only after you’ve met your deductible and out-of-pocket maximum. How can you bridge the gap?
A Health Savings Account, or HSA, is a great way to save for unexpected medical expenses. If you have a high deductible health insurance policy, contact your health insurance provider and/or your tax preparer to see if you qualify following IRS rules.
There are numerous benefits involved with HSAs:
- Contributions to an HSA are 100% tax deductible (up to the legal limit)
- Withdrawals to pay qualified medical expenses are tax free
- Interest earnings accumulate tax deferred
- When used to pay qualified medical expenses, the earnings are tax free
- Unused money in your HSA at year end is still yours and will continue to grow, tax deferred
Choose between the following account offerings:
- HSA Checking Account (Debit Card available)
- HSA Passbook Savings Account