Health savings account
A Health Savings Account (HSA) is a type of savings account that allows you to set aside pre-tax money to pay for qualified medical expenses, including doctor visits, prescription drugs, deductibles, copayments, coinsurance and others. You may contribute to an HSA only if you have a High Deductible Health Plan (HDHP), which covers preventive services before the deductible.
HSAs offer the following benefits:
| Health Savings Account | |
|---|---|
| Tax Savings | Tax deductions when you contribute to your account. (1)
Tax-free earnings. (1) Tax-free withdrawals for qualified medical expenses. (1) |
| Savings | You can grow your balance with earnings. |
| Flexibility | You can use the money in your HSA account to pay for current medical expenses or save it for future medical expenses. |
For more information about opening an HSA at Main Bank, give us a call at (505) 880-1700 or contact us at info@mainbank.com.
(1) All tax references are at the Federal Level. State taxes vary. Please consult with your tax advisor.