Health Savings Account (HSA)
Health Savings Accounts provide a great means for saving for your health and medical costs and building toward your retirement.
A Health Savings Account is a unique tax-advantaged account that can be used to pay for current or future healthcare expenses. When combined with a high-deductible health plan, it offers savings and tax advantages that a traditional health plan cannot duplicate.
With an HSA, you can have
- A complimentary Debit Card
- A tax-advantaged savings account for eligible medical expenses, including deductibles, co-insurance, prescriptions, vision and dental
- Unused funds that roll over from year to year
- Savings you own and control in your HSA
- Additional retirement savings. After age 65, funds may be withdrawn for any purpose without penalty but may be subject to income tax if not used for qualified medical expenses
***Mid America Bank does not give tax advice. In all cases consult a tax professional with your questions before you make contributions.***