Health Savings Account (HSA)
Even with good, high-deductible health care coverage, out-of-pocket expenses are increasing at a seemingly exponential rate! Health Savings Accounts (HSA) combine the protection of health insurance with a tax-advantaged savings account.
- $50 minimum deposit to open
- Interest bearing with tiered rates*
- Contributions can be carried over year-to-year
- Tax deductible contributions
- Qualified medical expense distributions tax free**
- Debit Card available
- Portability - You own the account, so it goes where you go, regardless of any job changes.
- You must be covered by a High Deductible Health Plan (HDHP) to take advantage of HSA's and not enrolled in other health coverage or Medicare
*Interest rates are set by Essex Bank and are subject to periodic adjustment.
**Strict eligibility requirements based on IRS rules. Consult your tax advisor.
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