Benefits to Individuals:
Individuals gain flexibility in managing their health and their money through:
- Tax-deductible contributions
- Tax-free earnings on the HSA
- Tax-free withdrawals from the HSA for qualified medical expenses
- Accumulation of HSA funds and earnings that roll over year to year
Benefits to Employers:
Employers can save on health insurance by adopting a High Deductible Health Plan combined with an HSA.
The Bottom Line:
- Lower premiums for the employee health care plan
- A reduction in payroll taxes — all contributions to the HSA are pre-tax, this lowering the gross payroll
Account Details:
- $50.00 minimum to open account
- Interest earned on all balances
- E-Statement
- FVCbank HSA Debit Card
- Account funds can be rolled over year to year
- Tax-free earnings and withdrawals
- Tax-deductible contributions
This is a tax-advantage account designed for paying qualified out-of-pocket medical expenses in conjunction with a high-deductible health care plan.
When used within IRS regulations regarding Health Savings Accounts. FVCbank is not a tax or legal advisor. It is suggested that you consult your personal tax or legal advisor before making tax or legal-related investment decisions.
For more information about Health Savings Accounts, please contact one of our representatives today by calling (703) 436-4740 or by contacting us online.
