Health Savings Account (HSA)
A Health Savings Account (HSA) offers the advantages of tax-deductible contributions and tax-free distributions used for the payment of qualified medical expenses. Health Savings Accounts enable you to take control of your own health care decisions by helping you save money on insurance premiums and on income taxes.
Eligibility for this account requires that you have a high-deductible health plan, are not entitled to Medicare benefits, and may not be claimed as a dependent on another individual’s tax return. You, your employer and your family members may contribute to this account, and expenses may be paid via check, HSA debit card or cash.
Benefits of a HSA:
- Tax-deductible deposits
- Tax-free distributions
- Tax-deferred growth
Security First Bank offers a HSA debit card to make paying for expenses more convenient. Please contact a Security First Bank customer service representative for more information or to open an account.
A $2.50 monthly service fee is charged for this account. We recommend consulting with a tax or legal professional for guidance on tax implications.