Health Savings Accounts
Save for Health Care Costs with an HSA
Today, getting sick or hurt can be a costly accident. With health care costs continuing to rise, having money set aside specifically for your or your family’s health care can be a huge advantage. Health savings accounts, or HSAs, from Timberwood Bank can help you be prepared for emergencies or unexpected medical costs.
How HSAs Work
Health savings accounts are designed to coincide with high deductible health plans:
- Contributions are made pre-tax by the individual.
- Employers can also make contributions.
- You have the option to decide when to use the funds in your HSA, as well as where those funds are held.
- Funds in an HSA can be used for qualified medical expenses for yourself (the account holder), as well as your spouse and other dependents.
A list of qualified medical expenses and information regarding contributions and high deductible insurance policies is available from the U.S. Department of the Treasury website.
You can also consult our Health Savings Account tutorial in our Resource Center, or simply come by Timberwood Bank to learn more.