Managing the Cost of Healthcare
If you have a “High Deductible Health Plan” (HDHP) this is for you. It’s an easier way to manage expenses and gain peace of mind.
What is an HSA?
A unique, tax-sheltered savings account you can use for medical bills.
Who can use it?
Eligible individuals are those covered by a qualified HDHP who are without other health insurance, not enrolled in Medicare, and aren’t another person’s dependent.
How does it work?
You make deposits into your HSA. You can then use those funds to pay for qualifying expenses. You can contribute up to $3,650 if you have individual coverage or $7,300 if you have family coverage in 2022, plus an extra $1,000 if you’re 55 or older anytime during the year.
Why would I need one?
HSAs allow you to make contributions and earn interest tax free, and your distributions are also tax free as long as they’re used for qualified medical expenses.
- Interest is earned on the entire balance
- No monthly fees
- Free Online and Mobile Banking
- Paper or eStatements are available1
Call or stop in to open your HSA today!
1 Electronic statements are free on all accounts. $5 for paper statement (fee not charged for customers more than 55 years young, or less than 25 years old).