Health Savings Accounts (HSA)
Health Savings Account (HSA) enables you to lower your health insurance premium, reduce your income taxes, and build an additional retirement account.
Lower your health insurance premium. High Deductible Health Plan is required but it is less expensive than traditional health insurance.
Reduce your income taxes. Money deposited in your HSA is 100% tax deductible and can be withdrawn to pay for medical expenses, tax free.
Additional Retirement income. You always own the account. The funds in your HSA are always yours and grow tax-deferred like an IRA. At age 65 the money can be withdrawn penalty free for any reason. And catch up contributions are available for people age 55 and over.
Employers may also open an account for employees.
- $100 initial deposit to open the account
- No Service Charge
- Access your HSA conveniently with a check
- First order of checks - FREE
Ten percent tax penalty on withdrawals made for unqualified expenses. Please consult a tax advisor.