With an HSA, you can be prepared for unexpected medical expenses. You will also benefit from tax-deductible contributions and tax free withdrawals and earnings.
You are generally eligible for an HSA if you are:
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 dependents, as long as they are covered by the HDHP.
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 medical 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 may consult a tax advisor to help you calculate the savings.
Open your health savings account with us today. Choose Freedom Bank. We are focused on you!