A Health Savings Account (HSA) is a high deductible insurance plan combined with a savings account to be used for your medical expenses. Contributions made are tax-deductible (consult tax advisor), as are qualified medical expenses.
Why Opt for a Health Savings Account?
- You are covered by a high deductible health insurance plan (HDHP)
- You are NOT enrolled in Medicare
- A tax favored health savings account
- You cannot be claimed as a dependent on someone else's tax return
- Interest rate higher than traditional savings accounts
- Dollars you don't use will continue to accumulate year after year
- Under the age of 65
- Access funds via Debit Card, Check or Online Access
How do I set-up an HSA?
Simply stop by an Old Fort Bank Financial Center.