Health Savings Account
American Commerce Bank offers Health Savings Accounts. An HSA is a unique, tax-advantaged savings plan that can be used to pay for qualified healthcare expenses. Available to customers with high-deductible healthcare plans, HSAs provide opportunity for both tax savings and long-term cash accumulation. Unlike Flexible Spending
Accounts (FSAs), funds contributed to an HSA can accumulate indefinitely.
- HSA funds can be used to pay health insurance deductibles and qualified medical expenses, including charges not covered by a health insurance plan, such as dental or vision care.
- 2023 HSA contribution limit is $3,850 per individual, $7,750 per family
- Simple reporting requirements
- Qualified Tax Savings
- Employers can contribute on behalf of employees
- Potential for long term savings accumulation
- Withdrawals can be made for non-medical purposes at age 65
- Convenient debit card available