Looking for a smart way to save for future medical expenses, and on a tax-free basis? Open a Health Savings Account or HSA1 for peace of mind so you can focus on what’s important.
What is an HSA?
HSAs are designed to help you save for future qualified medical expenses on a tax-free basis. HSAs are individually-owned accounts to which you can make tax-deductible contributions, accumulate tax-deferred earnings, and take tax-free distributions whenever you need to pay for qualified medical expenses.
HSAs are used by individuals who have a high deductible health plan (HDHP). You can use the money in your HSA to pay for qualified medical expenses until your insurance deductible has been met and insurance starts paying for your medical expenses. HSA assets can also be used to pay for qualified medical expenses that are not paid by insurance, even after the deductible has been met. The qualified deductible changes each year.
Here are some of the features:
- No fees or minimum balance required
- Great rates to help grow your money
- Use a Mastercard Debit Card to make paying for health-related expenses convenient
- You can consolidate other Health Savings plans into one
- Set up automatic deposits and transfers
- Manage your HSA account 24/7 with Retirement Central
1Medicare recipients are not eligible. Must be enrolled under a High Deductible Health Plan to be eligible. Must not have any other type of medical coverage. Must not be claimed as a dependent on another person’s tax return.
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