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
- 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
Learn more about Health Savings Account (HSA) Tiered Interest Rates.
Open an Account Today
Visit a ProGrowth Bank branch location or call 1-888-244-3490.
