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Health Savings Account
Maintaining good health is important, but the cost of staying healthy can be significant. Start saving money now while you're healthy with a Health Savings Account from Better Banks so that you can afford to go to the doctor or buy medicine when you're sick.
What is a Health Savings Account (HSA)?
A HSA is a special savings account that allows you to set aside pre-tax money for future qualified medical expenses. By using pre-tax dollars in an HSA to pay for deductibles, co-payments, co-insurance and other medical expenses, you can lower your overall health care costs.
How does it work?
Stop by one of the Better Banks branches and open a HSA account.
Decide how much to contribute to your HSA account. Learn about contribution restrictions at www.healthcare.gov. You can easily set-up automatic payroll contributions directly from your employer.
Better Banks will issue you a debit card linked to your HSA account, and you can use this debit card to pay for eligible medical expenses. It's easy to access your funds via debit card, online banking, or even by check.
Unlike a Flexible Spending Account, your HSA balance rolls over from year to year, so you never have to worry about losing your savings. Once you’re over age 65 and enrolled in Medicare, you can no longer contribute to an HSA, but you can still use the money for out-of-pocket medical expenses.
How do I qualify?
If you are enrolled in a high-deductible health insurance plan (HDHP) as defined by the government, you can qualify for an HSA. For additional information regarding qualifications, go to www.healthcare.gov.
What are the advantages of an HSA?
Health Savings Accounts offer a way to save and pay for healthcare expenses.
There are many advantages and benefits to having a Health Savings Account:
- Earn 1.00% APY* on entire balance
- Interest compounded monthly
- Save for medical expenses
- $100 deposit to open
- Tax benefits**
- No monthly fee, no minimum balance
- Funds carry over at end of year
- Transferable to another job
- Debit card included
- Access to online banking
- Free eStatements
- Access to telephone banking 877.366.7733
- High deductible plan required
* Annual Percentage Yield (APY) accurate as of August 1, 2021. Interest is variable and may change after account is opened.
**Consult your tax advisor.