Health Savings Accounts (HSAs)
A Health Savings Account (HSA) is a tax-advantaged way to pay for healthcare expenses.
How does a Health Savings Account work?
This FDIC-insured account makes it possible for customers to pay current medical expenses while also saving for future qualified medical and retiree health expenses. The money in this account (including interest paid on qualified balances) is yours to keep, even if you change plans or retire from the company sponsoring your HSA.
What are the main advantages of a Health Savings Account?
Here is a summary of key benefits:
- Contributions made to an HSA are tax deductible.
- Withdrawals for qualified medical expenses are tax-free.
- Interest earned on this account is tax-free.
- You own, control and invest the money in your HSA.
- Unused funds are carried over from year to year without limit.
- Easy access through your Heritage debit card.
How can I qualify for a Health Savings Account?
To participate in an HSA, you must be covered by a High Deductible Health Plan (HDHP). For more information, ask your employer or a Heritage Bank customer service representative.*
*Individuals entitled to Medicare benefits or those being claimed as a dependent are not eligible. For a complete description and full disclosure of account details, please contact a Heritage Bank customer service representative.
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