Deposit ProductsHealth Savings Accounts
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.
Contributions made on your behalf 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.