Features & Benefits
Health Savings Accounts (HSAs) allow you to decide how much to contribute, within limitations, which qualified expenses to pay from the account, and whether to pay qualified expenses from the account or let the money accumulate for future use. There is no time limit for taking qualified HSA distributions. The money you set aside in an HSA can be used to pay for:
- Qualified medical expenses, even those incurred in retirement.
- Medicare premiums.
- Long-term-care premiums (annual limits based on age – consult your tax advisor).
Potential triple tax savings:1
- HSA contributions are tax-deductible.
- Interest earned on your account is tax-free.
- Withdrawals for qualified medical expenses are tax-free.
| Account Features & Benefits | |
|---|---|
| Feature | Benefits |
Debit card |
Free no-annual fee debit card with no limits on the number of debit card point of sale transactions.2 |
Interest |
Interest is paid on a tiered rate. The more you save, the more you earn. Current HSA rates. |
Amount to open |
An initial deposit of $50 opens the account.3 |
1 All tax references are at the federal level. State taxes may vary. The information above is not intended and should not be construed as legal, tax or investment advice. For such advice, including advice on how this information applies to your individual circumstances please contact your attorney, tax advisor or other appropriate professional.
2 A withdrawal fee of $2 will be charged for each check written against your account in excess of three (3) per statement cycle.
3 An automatic deposit of at least $25 or a minimum daily balance of $500 is required to avoid a $5 minimum balance fee each statement cycle.