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A Health Savings Account (HSA) is like a personal savings account, but it can only be used for qualified medical expenses. To be eligible, you must be enrolled in a High Deductible Health Plan (HDHP). Health Savings Accounts also have some important tax advantages.

Key Takeaway

A Health Savings Account (HSA) can help patients with high-deductible health insurance plans cover their out-of-pocket costs.

Contributions to HSA generally aren’t subject to federal income tax, and the earnings in the account grow tax-free.

Unspent money in an HSA rolls over at the end of the year so it’s available for future health expenses

 

Is a Health Savings Account right for you?

This Account Is Best For You If:
You are covered by a high-deductible health insurance plan that is eligible for a H.S.A and want a way to save money tax free for qualified medical expenses.

Account Features:


Free online banking

Debit card accessible

Tiered interest rates based on account balance

INTEREST TIERS


Tier One: $0.01 – $4,999.99

Tier Two: $5,000 – $14,999.99

Tier Three: $15,000 and up

LEARN MORE


A Health Savings Account allows eligible individuals who are covered by a high-deductible health insurance plan a checking account to set aside money tax free. The distributions are tax-free as long as they are used for qualified medical expenses of the owner, spouse or dependent(s).

– Free debit card and online banking

– Tiered interest levels

REQUIREMENTS


All new account applications are subject to approval.

WHAT YOU NEED TO APPLY:


Social Security number

Date of Birth

Physical address

Unexpired government-issued photo ID

Talk with a Prospect Bank representative today.