Health Savings Accounts (HSA)

 

 

HSA Info HSA Savings Account

 

 

 

 


What is a Health Savings Account (HSA)?


A Health Savings Account (HSA) combines high deductible health insurance with a tax-favored savings account. Money in the savings account helps pay the deductible. Once the deductible is met, the insurance starts paying. Money left in the savings account earns interest and is yours to keep.

Health Savings Account Plan Chart

A Health Savings Account offers:

  • Tax-deductible
    Contributions to the HSA are 100% deductible (up to the legal limit) — just like an IRA.
  • Tax-free
    Withdrawals to pay qualified medical expenses, including dental and vision, are never taxed.
  • Tax-deferred
    Interest earnings accumulate tax-deferred, and if used to pay qualified medical expenses, are tax-free.
  • HSA money is yours to keep
    Unlike a Flexible Spending Account, unused money in your HSA isn’t forfeited at the end of the year; it continues to grow, tax-deferred.

Why High Deductible Health Insurance? To get the benefits of an HSA, the law requires that the savings account be combined with high deductible health insurance. High deductible health insurance costs less than traditional $250 or $500 deductible coverage because the insurance company doesn’t have to process and pay claims for routine, low-dollar medical care.

 
FAQ                               Eligible Expenses
 
Calculate Your Savings


BFS is pleased to suggest
Acacia Federal Savings Bank 

Why choose the Bank of Cashton*?

  • Experienced and knowledgeable staff ready to answer your questions with a personal touch. Our customers will always speak directly to a person regarding their account.
  • Competitive interest rates as well as a fee structure with no hidden costs.
  • Electronic Options: Choose to conveniently view statements online. If you select eStatements, you will not receive monthly statements via mail. All transaction history will be made available to you through Online Banking here.
  • Independent Custodian so we can accommodate your health insurance carrier changes seamlessly.
  • Exclusive opportunity to invest in stocks and mutual funds.¹
  • Flexible administration of accounts for any size company.

¹ Investment Accounts are not FDIC Insured. Not Bank Guaranteed. May Lose Value. Not a deposit. Not guaranteed by any federal agency.


How to open an account?


Please fill out the Health Savings Account Application or call BFS, to get answers on your Health Savings Account questions.

 

 

Current Interest Rate Too Low?  Existing accounts can be transferred too.

*Benefit & Financial Strategies, Ameritas, and The Bank of Cashton are not affiliated.

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