Health Savings Account (HSA)

Health Savings (HSA)
Keeping up with health care costs can be difficult and draining. A Health Savings Account from ProGrowth Bank gives you the power to meet the challenge!

A Health Savings Account (HSA) is a tax-advantaged account that can be established by eligible individuals covered under a high-deductible health plan to save and pay for qualified medical expenses. Examples of qualified expenses include co-pays, hospital visits, prescriptions and certain non-prescription drugs, and some insurance premiums such as Long Term Care Insurance.
If you have a high-deductible health plan, a Health Savings Account with ProGrowth Bank could be your solution to the ever-rising cost of health care. HSAs were created by Congress to combat rising medical costs by providing an incentive for more consumers to pay “first-dollar” medical expenses. An HSA is very similar to an IRA account. It is designed exclusively for covering medical expenses.
Contributions made by you are fully tax-deductible, earnings are tax-deferred and distributions used to pay for qualified medical expenses are tax-free, regardless of your income.
A key benefit of a Health Savings Account is that the contributions you make belong to you with no spending deadline. All unused contributions stay in your account, earning tax-deferred interest.

ProGrowth Bank Health Savings Account features & benefits:

  • No annual fee
  • $100 minimum deposit to open the account
  • No monthly service charge with $750 average ledger balance
  • Health Savings debit card available
  • Free first order of custom-image checks
  • HSA contributions – by employer or employee – are excluded from income
  • No spending deadline

Open an Account Today

Visit a ProGrowth Bank branch location or call 1-888-244-3490.

Contact Us

Interested in opening an account? Or do you have questions? Click here for branch hours and contact information.

How Does a Health Savings Account Work

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