Health Savings Accounts (HSA)

A Health Savings Account is an alternative to traditional health insurance.  It is a savings product that offers a different way for consumers to pay for their health care. HSAs enable you to pay for current health expenses and save for future qualified medical and retiree health expenses on a tax-free basis.

You must be covered by a High Deductible Health Plan (HDHP) to be able to take advantage of an HSA. A HDHP generally costs less than traditional health care coverage, so the money that you save on insurance can therefore be put into the Health Savings Account.

You own and you control the money in your HSA. You make the decisions on how to spend the money you’ve made without having to rely on a third party or health insurer.  You also decide the best way to invest your money in order to make it grow.

You must have an HDHP if you want to open an HSA. Sometimes referred to as a "catastrophic" health insurance plan, an HDHP is an inexpensive health insurance plan that generally doesn't pay for the first several thousand dollars of health care expenses (i.e., your "deductible"), but will generally cover you after that. Of course, your HSA is available to help you pay for the expenses your plan does not cover.

To find out how easy it is to open an HSA account, click here.


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