A Health Savings Account (HSA) is a personal account you can use to pay for current and future qualified medical expenses tax-free. To open and contribute to a HSA, you must be enrolled in a High-Deductible Health Plan (HDHP). The account belongs to you and stays with you even if you change jobs or health insurance plans.
Is it right for me?
A HSA compatible health plan and HSA may be a good option for you if you want to lower your health insurance premiums and pay for out-of-pocket medical expenses with tax-free funds; you’re self-employed; you or your family have ongoing qualified medical expenses not covered by insurance or you are planning on elective surgeries and other procedures not covered by standard health insurance but are considered qualified medical expenses.
Benefits of a HSA:
Freedom of choice over your health care decisions
Pay for qualified medical expenses tax-free*
Grow your money tax-free*
Tax deductible contributions*
Reduced health insurance premiums
You own the account, even if you change jobs or health plans
No “use it or lose it” rule: unused funds carry over each year
NorthSide Bank HSA Features:
Your HSA works just like a regular checking account. You can either write a check or use your ATM/Debit card to pay for qualified medical expenses.
FDIC insured, interest bearing account
No minimum to open
No monthly service charge
No minimum balance requirements
Interest is earned on all balances, compounded daily and credited monthly
Unlimited check writing privileges
Imaged checks provided with monthly statement
FREE ATM/Debit card
FREE unlimited ATM usage at any ATM nationwide
We automatically rebate any fees you may be charged at other ATMs
*Consult your tax advisor about the tax benefits applicable to health savings accounts.
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