Wondering if a Freedom Bank Health Savings Account (HSA) is right for you?

Freedom Bank knows the rising cost of health care is an important concern to the people in our community. In an effort to help relieve some of the issues associated with these increased expenses, Freedom Bank is proud to offer the Health Savings Account. With a qualified High Deductible Health Plan (HDHP) you pay lower premiums but higher deductibles. You (and/or your employer) fund your HSA to pay or reimburse qualified medical expenses not covered by your plan. Plus, you still have protection against high or potentially catastrophic medical expenses.

Using your Freedom Bank HSA.

HSA distributions are tax-free when used to pay qualified medical expenses as permitted under federal tax law. This includes most medical, dental and vision care, but generally does not include medical insurance premiums. You can pay medical expenses for yourself as well as your spouse and any dependants, even if they are not covered by the HDHP.

But what if you don't use your HSA money?

The money in your HSA account is always accessible! You can use the funds in the account however you wish. If not needed for medical expenses, you might build the HSA for retirement. HSA distributions not used for qualified expenses, however, are subject to ordinary income tax and a 10 percent IRS penalty if taken before the age of 65 (unless due to death or disability).

You might want to consult a tax advisor to help you calculate the savings.