We’re introducing a new, simple and more secure online banking experience. Click here to learn more about it.

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-deductable 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.

Features

  • 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.
  • 2021 HSA contribution limit is $3,600 per individual, $7,200 per family
  • Simple reporting requirements

Benefits

  • 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