Health Savings Accounts are like medical "IRAs". They are tax-advantaged accounts that individuals with high-deductible health plans (HDHP) can fund and use to pay for medical expenses. They are a complement to traditional health insurance, enabling you to pay for current health expenses and save for future medical expenses on a tax-free basis. And because your HSA balances can "roll over" from year to year, they can also be used to accumulate wealth. You own and control your HSA, so you make all the decisions about spending or investing the funds in your HSA.
Benefits Include:
Cost Savings
Reduce your insurance premiums with a low cost high deductible health plan.
Tax Savings - (You save three ways)
You can deduct your contributions on your tax return.
You can earn tax-free interest.
Your withdrawals are tax-free when used for qualified medical expenses.
Control - (You make all the decisions)
How much money to put into the account.
Whether to save future expenses or pay current expenses.
Which medical expenses to pay from the account.
Which company will hold your Health Savings Account.
Flexibility
You can use your funds to pay for current medical expenses.
You can pay expenses that your insurance may not cover.
You can save the money in your account for future needs.
Ownership
You own the money in the account.
This account becomes a financial asset you can use for retirement.
You can pass this account on to loved ones.
Long-Term Savings
Funds left to accumulate in an HSA, including interest, grow tax-free.
Withdrawals for eligible medical expenses are never taxed.
The Money Stays With You…
If you switch jobs.
If you change insurance providers.
If you move to another state.
If you become unemployed.
If you retire.
For more information or to sign up for a Treasure State Bank HSA, please contact one of our Personal Bankers at 406-543-8700.