Save Smart with a Health Savings Account
Skyrocketing insurance premiums and rising prescription drug costs have us all worrying about how to best manage our medical expenses. At National Iron Bank, we can help you prepare for the future with a Health Savings Account (HSA). These accounts offer a safe, easy, smart way to set aside money for medical expenses.
HSAs allow you to save for health care costs on a pre-taxed basis and withdraw funds to pay for qualified medical expenses at any time without penalty. Both individuals and employers can contribute to an HSA, and these accounts offer significant tax savings. Deposits to the account are tax-free, investment earnings grow tax-free and withdrawals made to cover medical expenses are tax-free.
These accounts have broad appeal. Employers save money on insurance premiums, and many return those savings directly to their employees in the form of contributions to their accounts. Portability is another attractive feature of an HSA – the accounts are completely owned by the individual, meaning they go with you if you change jobs. This also makes them a great option for the self-employed.
Health Savings Accounts are available to anyone under age 65 who has a high-deductible health insurance plan. To learn more about how an HSA could benefit you, visit your nearest National Iron Bank branch or call 860-435-2581.