A health care plan combining cost savings with flexibility.
To open an HSA, you must select a high-deductible health plan.
Unlike contributions to a flexible spending account, the balance of your HSA at the end of the year is carried over to the next year.
You will be able to deduct your contributions to your HSA and the account earnings will accumulate on a tax-deferred basis. Best of all, distributions from your HSA are tax-free if they are used for qualified medical expenses.
- Protection – Opportunity to save money to pay high or unexpected medical bills
- Affordability – High health insurance policy deductibles mean lower premiums
- Savings – The ability to deduct your contributions and the tax deferral of account earnings enable you to build your account
- Flexibility – You can contribute at any time during the year and your HSA balance roll over from year to year
- Portability – You own the account so you can take it with you where ever you go, regardless of job changes
An annual maintenance fee of $20.00 will be deducted quarterly ($5.00) from your primary savings account.