Routing Number: 282075028
Heath Savings Account
Does your healthcare plan qualify for a Health Savings Account (HSA)? HSAs are individual accounts that allow you to use pre-tax dollars to pay for future medical expenses and are designed specifically for individuals who have chosen a high-deductible health plan (HDHP). You can deduct your contributions, and the account earnings will accumulate on a tax-deferred basis. Distributions from your HSA are tax-free as long as they are used for a qualified medical expense as defined in IRS Publication 502.
An HSA account can be established by anyone who meets the following criteria:
- Currently has a qualified High Deductible Health Plan (HDHP)
- Has no other first-dollar medical coverage
- Is not enrolled in Medicare
- Cannot be claimed as a dependent on someone else’s tax return
- Could not have received Veteran’s Affairs medical benefits within the past 3 months
- Does not have a Flexible Spending Account (FSA) or a Health Reimbursement Account (HRA)
1APY = Annual Percentage Yield. Offer and rates subject to change. Certain exclusions may apply.