Health Savings Account

A Health Savings Account (HSA) is a powerful tool to help you manage your healthcare expenses while saving on taxes. Here’s why an HSA could be a great choice for you:

• • Tax Advantages: Contributions to your HSA are tax-deductible, and withdrawals for qualified medical expenses are tax-free. If you use it for out-of-pocket healthcare expenses, including deductibles, distributions are tax-free too.
  • Growth Potential: Your HSA funds can earn interest or be invested, allowing your savings to grow over time.
  • Portability: Your HSA belongs to you, no matter where you work. Take it with you from job to job.
  • Flexibility: Use your HSA funds to pay for a wide range of medical expenses, including doctor’s visits, prescriptions, and more.
  • Rollover Benefits: Unused funds roll over year after year, so you never lose your money.

• Eligibility: Health Savings Accounts (HSAs) are designed to help individuals save for future qualified medical expenses on a tax-free basis. You must be enrolled in a High Deductible Health Plan (HDHP) before you can begin making HSA contributions.
• Contributions: Once your HSA is established, anyone, including employers, can make contributions into the account on behalf of an eligible individual.

Please note that if you take money out before you’re 65 and spend it on something other than eligible healthcare expenses, a 20% penalty and income taxes will apply.

• 50 Free Checks: Get started with 50 free checks, so you can easily pay for your medical expenses.
• Free Debit Card: Enjoy the convenience of a free debit card linked to your HSA for quick and easy access to your funds.