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
 
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BFS is pleased to recommend  
Acacia Federal Savings Bank Acacia Federal Savings Bank*
 
  • No minimum balance requirement
  • No maintenance fees
  • One-time set-up fee of $20
  • Available for individuals as well as businesses
  • Free Visa Check Card with all accounts
  • Free online banking
  • Interest-bearing account
  • FDIC insurance up to $250,000 per depositor
  • Click Here for additional bank info

Current Interest Rates

 

 

Account Application                                                                 Employer Info Sheet

Account Application                                      Employer Info Sheet

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

 

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*Acacia Federal Savings Bank is a member of the UNIFI Companies. Banking products herein are only offered through Acacia Federal. Investment and financial planning products which are offered through other UNIFI Companies are 1) not insured by FDIC; 2) not deposits or obligations of Acacia Federal and are not guaranteed by Acacia Federal; 3) subject to investment risk including possible loss of principal investment. Only deposit products of Acacia Federal are FDIC insured. Acacia Federal's sole branch is located in Falls Church, Virginia.

Benefit & Financial Strategies, Unifi, and Acacia Federal Savings Bank are not affiliated.