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.

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.
• 2022 HSA contribution limit is $3,650 per individual, $7,300 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