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Home > Personal Banking > Health Savings Accounts > What is a Health Savings Account
  • What is a Health Savings Account?

    Regain more control of your healthcare dollar with a Health Savings Account.

    Simply stated, a Health Savings Account (HSA) is what you get when you combine a high-deductible health insurance plan and a tax-exempt savings account.  They are designed to allow individuals to use pre-tax dollars to help pay for current and future medical expenses.

     HSA Chart

    What are the Benefits of an HSA?

    • Contributions are 100% tax deductible
    • You choose when to make your contributions and how to invest it
    • Contributions to your HSA by your employer are excluded from your gross income
    • Unused funds rollover from year to year
    • The interest or other earnings on the assets in the account are tax deferred
    • Funds can be used at any time for qualified medical expenses tax-free

    How Does It Work?

    HSAs work just like a normal checking account - contributions are as easy as making a deposit and paying medical expenses as easy as using your debit card or online bill pay. You will also receive a monthly statement showing your transactions or you can view your transactions online for easy recordkeeping. 

    How Can I Invest?

    Funds in your HSA Account may be invested in one of our interest-bearing bank accounts that you will be able to choose from when you open your account. Or you can choose to visit with our investment representatives who can assist with other investment options.

    Why High Deductible Insurance?

    To get the benefits of an HSA, the law requires that the savings account be combined with a high deductible health insurance plan.

     

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