Health Savings Account
If you are concerned about current, uncovered medical expenses, or future medical bills, and would like to enjoy "triple" tax savings from the government in paying for them, you should consider a Health Savings Account (HSA).
To qualify for an HSA, you must be enrolled in what the federal government qualifies as a "high-deductible health plan," which is designed to protect consumers against high or unexpected medical bills. Such a plan has individual and family limits for:
- Out-of-pocket expenses
Triple Tax Savings
The "triple" tax savings come in the following forms:
- Tax deductions when you contribute to your HSA
- Tax-free earnings as your money grows
- Tax-free withdrawals to pay for qualified medical expenses
- Interest Compounded Monthly
- Monthly Statement
- Interest rate based on our Premier Savings Account Rate
- 25 or 50 duplicate checks available
- $1.50 per month service charge
* You may only make six transfers from this account each statement cycle, including checks, payments to third parties, or preauthorized automatic transfers, telephone transfers, and transfers via online banking or telephone banking.