A Health Savings Account (HSA) is designed to help you save for medical expenses by maintaining an account separate from your regular savings account. HSAs include individual and family plans, which are governed by the IRS.
HSA contributions are tax deductible and HSA earnings are tax-deferred. If funds are used for qualified medical expenses, HSA assets are tax free. Consult a tax advisor for tax implications.
Health Savings Accounts
|Perfect for||Saving for medical expenses while providing significant tax benefits|
|Minimum opening deposit||$5|
|Minimum balance to earn dividends
|Monthly service fee||None|
|Debit card fee||$15 for initial card, then every three years|
|Withdrawals/Transfers||Withdrawals and transfers will be made according to IRS guidelines.|
|Contributions||Contribution limits are determined by IRS annual limits.|