Health Savings Account (HSA)
Health Savings Accounts (HSAs) are tax-advantaged accounts that allow you pay for any current medical expenses and to save for any in the future.
First, if it is made through payroll deduction, the funds are sent pre-tax or before taxes are taken out of pay.
Second, all interest earned is earned tax-free.
Third, all withdrawals taken for qualified medical expenses are tax-free.
Anyone who is covered by a qualified High Deductible Health Plan (HDHP) and not another health insurance carrier or Medicare may be eligible to open an HSA. If you qualify, stop by one of our branches and we will set you up for your HSA.