Health Savings Account (HSA)
Is an HSA right for you? It depends on your situation and long-term goals. Keep reading to learn more about Health Savings Accounts from SENB!
An HSA is a type of savings account. Unlike a regular savings account, HSA contributions are pre-tax and can only be used for qualified medical expenses. To be eligible for an HSA, you need to have a High Deductible Health Plan (HDHP).
Benefits of an HSA
- The contributions you make to an HSA to pay for current and future medical costs are tax-free. Since 2017, an individual can contribute up to $3,450 and a family can save up to $6,900. People age 55 and older are allowed to save an additional $1,000 annually, totaling a savings limit of $4,450 each year for an individual and $7,900 for a family.
- HSA funds never expire, so you can roll the balance over from year to year.
- You will automatically earn 0.30% interest on your HSA account on any balance.
- Save for future healthcare costs and use any remaining balance after age 65 to help cover your living expenses in retirement.
How do I open an HSA?
Why Choose SENB Bank?
We believe that a local bank must earn the right to call itself a community bank. That’s why we’ve been committed to the prosperity of the Quad Cities, the Stateline Region, and neighboring communities since 1961. We work hard to meet your financial needs, and we support a wide variety of organizations with leadership, donations, and volunteers. SENB team members are trained and prepared to provide you a Smart. Easy. Notably Better. banking experience, and you have our promise we will do everything we can to meet your unique financial challenges and optimize opportunities. Open an HSA with us today!