Health Savings Accounts

Be Prepared for Healthcare Expenses

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

If you qualify for a Health Savings Account,  contact one of our representatives to find out more details about Time Federal HSAs.