How HSAs work.
If you’re covered by a high deductible health plan and meet certain eligibility requirements, you can enroll in a health savings account, commonly known as an HSA.
Our HSA allows you to save up for current and future medical expenses. Best of all, qualified medical expenses are tax-free. And if you have money left over at the end of the year, your balance will carry over to the next year.
We’re here to help you understand health savings accounts and how they work. Some of the finer details include the following:
- There’s no minimum balance to open an account.
- Interest accrues daily and is credited monthly.
- Interest rates are subject to change.
- If the average balance falls below $1,000 after the 12th statement, the account will incur a $5 monthly service charge.