Health Savings Account (HSA)
A Health Savings Account, or HSA, is a tax-exempt trust or custodial account specifically for health and medical expenses. It can help you:
- Control health care costs
- Save for retirement
- Gain tax advantage
It’s not insurance, but a savings account for those with a qualified HDHP (high-deductible health plan).
To discuss deposit account options and find the account that is right for you, call Standard Bank at 866.499.2265 or visit your nearest branch.
If you are eligible, you can establish an HSA in much the same way you would establish an IRA – with a qualified trustee or custodian.
- Must be enrolled in a high-deductible health plan (HDHP)
- No additional coverage through non-qualified plans
- May not be claimed as a dependant on another’s tax return
- May not be enrolled in Medicare nor receive VA medical benefits