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Personal Health Savings Account (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
  • 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
Health Savings Account (HSA)
Minimum Opening Deposit
Minimum daily available balance to earn interest.
Variable interest is calculated by the daily balance method and is compounded and credited monthly.
Monthly Service Charge if average ledger balance is below $750 for the statement cycle.

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How Does a Health Savings Account Work?

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