A Health Savings Account or HSA is a tax-advantaged savings account designed to help you pay for both current and future out of pocket qualified medical expenses*. Contributions to an HSA can be made by either the employee or their employer. Funds contributed to an HSA are not subject to federal income tax at the time of deposit**. Money not used annually can be carried over to the following year.
To qualify for an HSA, you must be enrolled in a high-deductible health insurance plan.
Features:
- No minimum balance
- No monthly service charge
- No activity fees
- Tiered interest rates
- Access funds using debit card or checks
- Access your account via Mobile or Online Banking
- E-statements available
*See the IRS Publication 502 for explanation of qualified expenses. **Consult with a tax advisor to determine tax eligibility benefits.