An unexpected medical issue can wipe out your savings in one fell swoop — savings you’ve worked hard to accumulate. Keep your savings healthy by opening an HSA specifically for medical-related expenses.
You’ll have immediate access to your funds via checks, debit card, and online bill pay. Plus, your unused contributions will rollover each year — earning competitive interest the entire time.
Most adults under 65 who are not enrolled in Medicare and are covered under a high-deductible health plan (HDHP) can qualify for an HSA, but it is up to the account holders to determine their own eligibility. Please contact your tax advisor for further eligibility requirements.
*Consult a tax advisor.
**You can withdraw funds at any time for any purpose. However, if funds are withdrawn for reasons other than qualified medical expenses, the amount withdrawn will be included as taxable income, and is subject to a 10% penalty.