Taking care of your health doesn’t have to mean worrying about your money. Feel better about both with a Health Savings Account* (HSA).
An HSA helps you set money aside so you can be prepared for medical-related expenses.
Using an HSA is as easy as 1-2-3:
1. Open an HSA account. HSA savings accounts tend to offer a higher dividend, while HSA checking accounts come with a debit card to make it easy to pay medical expenses. You can open either account online, or in person.
2. Make tax-free contributions. It’s kind of like putting money in an Individual Retirement Account.
3. Use the money when you need it. See what counts as a qualified medical expense.
Most people are eligible if they’re covered under a high deductible health plan (HDHP) on the first day of the last month of their tax year (December 1 for most taxpayers) and don’t have other health coverage. You might not qualify if you’re enrolled in Medicare or if somebody else claims you on their tax return. Check the IRS Health Savings Account website to find out more.
*There is a $1 per month maintenance fee for this account. If you close your Health Savings Account, there is a $25 closing fee. Fees reduce earnings. Consult a tax advisor about making contributions and withdrawals from an HSA account as they are subject to applicable tax rules (such as tax on withdrawal of funds for non-medical purposes).