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Health Savings Accounts

health savings accounts

                                                                              

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.

  • 2020 HSA contribution limit is $3,550 per individual, $7,100 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

To Learn More Clck Here

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