HEALTH SAVINGS ACCOUNT
A great way to save
HEALTH SAVINGS ACCOUNT
A great way to save
A tax-free savings account used with a high-deductible health insurance policy
If you have a high deductible health plan (HDHP), you qualify for a health savings account (HSA). An HSA allows you to save pre-tax income for future medical expenses, offering an excellent way to manage healthcare costs.
Health Savings Account
- Includes an instant issue debit card
- Free transfers to savings and checking
- Annual contribution limits apply
Three Things to Know about HSAs
What is an HSA?
A Health Savings Account (HSA) is tailored for individuals with high deductible health plans (HDHP) to cover medical costs. Deposit funds tax-free and use them for various health-related expenses.
How does an HSA work?
You or your employer can make contributions to the account using pre-tax income. These funds can be used anytime to pay for insurance co-pays, doctor visits, prescriptions, and more.
What are the benefits?
Opening an HSA is a smart move, even if you’re not planning on healthcare expenses this year. Why? You get to use tax-free money for any medical costs, and your funds roll over every year – that’s right, they’re yours to keep even if you change jobs or insurance plans.
Rates & Calculator
Health Savings Account
| Balance of $100 – $4,999.99 | 0.20% APY* |
| Balance of $5,000 and Over | 0.30% APY* |
*APY = Annual Percentage Yield. APY is accurate as of December 1, 2024, and may change after the account is opened. Dividends are calculated on the daily balance during the dividend period and paid to the account monthly. The balance tier determines the daily dividend rate and APY on the daily account balance. Fees or other conditions could reduce the earnings on the account. Payment of all dividends is subject to the availability of earnings.
Frequently Asked Questions
Here are the 2024 Annual Contribution Limits:
- Individuals = $4,150
- Families = $8,300
- Individuals 55 and over = $1,000 additional catch-up contribution
No, the funds can accumulate and be used as needed for qualified medical expenses. There is no “use it or lose it” rule, unlike a Flexible Spending Account.
Please consult your tax professional for advice on this question.
