Health Savings Accounts (HSA)
Health Savings Accounts (HSA)
HSA’s are a special tax favored savings/investment accounts designed to fund medical expenses not covered by insurance. They were created by the Medicare Prescription Drug, Improvement, and Modernization Act passed in December of 2003.
Health Savings Accounts (HSA’s) are modeled after Individual Retirement Accounts (IRA’s). Money for medical expenses can be deposited tax free, can grow tax free, and can be spent for medical expenses tax free.
Unlike other medical reimbursement accounts, there is not a “use it or lose it” catch. The money can stay in your account until you need it. This feature makes the HSA especially valuable for helping you save for medical expenses this year but also into retirement.
Our bankers have received in-depth training on HSA’s. We can help you determine if such a plan is right for you.
- Interest bearing
- Minimum opening of $50
- No minimum balance required
- Unlimited check writing privileges
- No per check charge
- No monthly charge service charge
- Monthly statements and check safekeeping
