Health Savings Accounts - HSAs

Health Savings Accounts, or HSAs, are an alternative to traditional health insurance that offers tax advantages and greater control over your medical expenses. With an HSA, you can pay for current health expenses—and save for future qualified medical and retiree health expenses—all on a tax-free basis.

To open an HSA, you must be covered by a High Deductible Health Plan (HDHP). Once you’re enrolled, you own and have complete control over the money in your HSA. You make the decisions on how you want it spent, not a third party or a health insurer. An HDHP provides traditional medical coverage and an HSA is a tax-free way to build savings for your future medical expenses. Together, they give you greater flexibility and control over how you use your health care benefits.

• Reduce your monthly premiums.
• Choose your own doctors and hospitals—there are no network restrictions.
• Your own HSA contributions are tax-deductible.
• Pay your medical expenses with pre-tax dollars.
• Interest earned on your account is tax-free.
• Withdrawals for qualified medical expenses are tax-free.
• Unused funds and interest are carried over, without limit, from year to year.
• You own the HSA and it is yours to keep—even when you change plans or retire.
• Your HSA is administered by a trustee/custodian.
• Grow your account until retirement—like an IRA account.
• Receive Checks and a Debit Card for faster payments.
• View your Monthly Statements conveniently online.

Individual CHOICES for Individual Healthcare

For more information about Health Savings Accounts, please call or visit your nearest M&F Bank branch.