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With a Health Savings Account (HSA) you can save tax-free for qualified medical expenses. Designed to work with a high deductible health plan, you can regularly set aside money in an HSA, so it's there when you need it. Plus, you own it, so it's not a use it or lose it thing.
- No setup or annual fees
- Reduce your income tax*
- Earn greater dividends than regular savings
- $500 minimum balance to earn dividends
- Dividends compound monthly
- Withdrawals are tax free when used for qualified medical expenses**
- Money rolls over year-to-year automatically
- No "use it or lose it" policy
- HSA is owned by you, not employer
- Easy withdrawal access by check, debit card, online or in a branch
- $5 minimum deposit to open
*Direct deposit from your paycheck will reduce your taxable earnings. If contributions are made after income was taxed, the amount deposited may be tax deductible. Consult a tax advisor.
**Withdrawals for non-qualified medical expenses are subject to income tax and a 10% penalty. The 10% penalty is waived for persons 65 and over or who have become disabled.