Health Savings Account
Medical expenses can pop up without any warning - don't let them catch you or your bank account off guard. A Health Savings Account lets you earn a 0.15% APY on a tax-free savings account that can be used to pay for most of your everyday medical expenses.
Not only will it help you earn and save money, but the account itself is extremely flexible. You have the option of choosing how much to put in, how much to take out and which medical bills you want to use it for. There are also no time restrictions on using your available funds, so if you have money left over at the end of the year – don't panic – it will be there when the calendar changes.
Need more information on HSA's? go to www.treas.gov/offices/public-affairs/hsa/
- Qualifying for an HSA
Not everyone is eligible to open a Health Savings Account. Check with the list of qualifications below to see if you can open one up today.
- You must be covered under an HSA-approved high deductible health plan (HDHP).
- You cannot have any other first-dollar medical coverage.
- You cannot be enrolled in Medicare.
- You cannot be claimed as a dependent on another individual's tax return.
