PERSONAL

What Does Owning a Health Savings Account (HSA) Look Like

Health Savings Accounts (HSAs) have become a popular way to save for healthcare expenses, due to their tax-advantaged status and flexibility in use. In this blog, we will outline all that you need to know about a Health Savings Account as well as the next steps to get yours started!
White "AbbyBank" logomark overtop purple gradient
4
Published 
03/07/2023
•
Written by 
AbbyBank

What is an HSA?

An HSA or Health Savings Account is an account that allows you to set aside money on a pre-tax basis. Health Savings Accounts (HSAs) are designed for paying qualified medical expenses. The funds in an HSA are tax-free and can be used to cover costs such as deductibles, copayments, coinsurance, and other healthcare-related expenses, providing you with a way to effectively lower your overall healthcare costs.

What Are HSA Accounts Used For?

The funds in a Health Savings Account can be used at any time to pay for qualified medical expenses. You may contribute to an HSA only if you have a High Deductible Health Plan (HDHP) — generally a health plan that only covers preventive services before the deductible. An HSA is used to help offset out-of-pocket healthcare expenses.
Who determines what is considered qualified? Typically, the IRS ultimately determines what is considered a qualified expense. When opening an HSA, it is highly recommended you speak with your employer and insurance carrier to make sure your coverage qualifies as a high-deductible health plan.

How to Get Started on a Health Savings Account

Getting started on a Health Savings Account is simple. Here are some benefits of our Health Savings Account:
A Health Savings Account2 from AbbyBank includes:
  • No Monthly Service Fee
  • No Account Opening Fee
  • No Minimum to Open
  • Earn interest on balances of $50 or more3
  • Tiered Interest
  • Free Debit Card
  • Unlimited Check Writing
  • eBanking
  • Mobile Banking with Deposit
  • Bill Pay
  • eStatements
  • Year-end Reporting
Check out our Health Saving rates, including our tier for balances of $25,000 or more!
Take advantage of the many benefits offered by a Health Savings Account (HSA) by visiting our website now! Discover how our HSA account can help you save on your healthcare costs and secure your financial future. Our team is ready and eager to assist you with getting started. Stop by AbbyBank or get in touch with us today to learn more and take the first step towards a brighter, healthier financial future!


Back to All Posts