a glass planter with a plant growing out of it, inside is a hundred dollar bill. The planter is sitting in a doctor's office waiting room
A Health Savings Account (HSA) is a tax-advantaged type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses. By using untaxed dollars in a Health Savings Account (HSA) to pay for deductibles, copayments, coinsurance, and some other expenses, you may be able to lower your overall health care costs. HSA funds generally may not be used to pay premiums.
While you can use the funds in an HSA at any time to pay for qualified medical expenses, you may contribute to an HSA only if you have a High Deductible Health Plan (HDHP) — generally a health plan (including a Marketplace plan) that only covers preventive services before the deductible. The funds contributed to an account are not subject to federal income tax at the time of deposit. Your money grows tax-free and you can withdraw tax-free if you use the money for eligible medical expenses.1
You can enroll in an HSA-qualified health plan and sign up for an HSA during your organization’s annual open enrollment, but can open an HSA at any time with Kensington Bank. If you have a high-deductible health plan on your own, not offered through an employer, you can sign up for the plan immediately.
Contribution limits are frequently updated each year by the IRS. For up-to-date limits please visit the IRS Website.
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