A Health Savings account provides you the opportunity to save for future health care expenses. Established by federal legislation, HSAs are very similar to IRAs in that they offer tax advantages on all contributions, interest and qualified withdrawals.
If you have a qualified high deductible medical plan, you can use an HSA to:
Obtain Tax Advantages. Contributions are tax-deductible, earnings are tax-deferred, and qualified withdrawals are tax-free.
Better manage your health care dollars. You withdraw your funds when you need them. Withdrawals are tax-free and penalty-free when made for qualified expenses.
Pay for a broad range of health care services. You can use your HSA to pay for covered expenses that apply toward your deductible, or pay for qualified medical expenses that your health plan doesn't cover, such as contact lenses, dental and orthodontic services, certain types of alternative medicine, and long term care insurance.
Supplement to your retirement income. At age 65, accumulated funds can also be withdrawn for non-qualified expenses, or medical expenses not covered by Medicare, subject to income tax.
If you would like more information on HSAs:
- Click Here to download a Bank of Oak Ridge HSA brochure
- Click Here to visit our HSA Frequently Asked Questions page.
- Click Here if you are an Employer and want to print HSA applications for your employees that are covered by a qualifying High Deductible health plan.
- Click Here if you are an Individual and want to print or complete HSA applications to open a HSA Account.
If you have additional questions about HSAs or any of our other products or services either...
- Call us during business hours at (336) 644-9944
- Email us
- Drop by one of our convenient locations
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