A Health Savings Account (HSA) is a tax-advantaged savings account, frequently used in combination with a High Deductible Health Plan (HDHP), which offers you and your employees a new way to manage healthcare expenses. With an HSA, you can cover qualified medical expenses and benefit from the tax savings:
- Tax deductions on contributions
- Tax-free account growth through interest and investment earnings*
- Tax-free withdrawals for qualified medical expenses
- Health insurance plans with higher deductibles typically offer lower premiums.
- Funds can be used for current medical expenses or saved for future needs. Plus, they roll over year to year.
- Even if employees change jobs, their HSA account goes with them. It is completely portable.
Other Advantages You’ll See
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*Investment products are not FDIC insured; are not deposits or obligations of, or guaranteed by the bank; and may be subject to investment risks, including the possible loss of principal.
Consult your tax advisor.
HSA Custodian, Optum BankSM, Member FDIC