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Personal Health Savings Account (HSA)
An HSA combined with any HSA compatible health plan provides a smart and cost effective method for you to save and pay for qualified medical expenses tax-free with no use it or lose it restrictions.
Features & Benefits
- $25 minimum balance to open
- Annual account fee $12 (waived for the first year)
- Free distribution by check, VISA Check Card, or BillPay
- No minimum balance to maintain, no set up fee
- Tax-free earnings
- Tax-deductible contributions - no income cap
- Variable rate of return
- Tax-free payment of qualified medical expenses
- FDIC insured deposit account
- Once you turn 65, it becomes similar to a regular IRA
- Withdrawals used for qualified medical expenses remain tax free
- Withdrawals used for nonqualified medical expenses are subject to regular income tax
- Due to federal requirements on HSA's, you must also have a secondary account with our institution in the rare case your HSA account could become overdrawn.
*Please consult your tax advisor for more information regarding tax obligations.