What is a Health Savings Account?
A Health Savings Account (HSA) is a tax-advantaged* savings plan that is owned by an individual. Contributions are made to an HSA through a Cafeteria Plan, which is the menu of employee benefits provided by an employer. Contributions are made by the individual on a pre-tax basis, and may be used to pay for current and future medical expenses. There are no restrictions on who may contribute to your HSA. Therefore, the individual, the employer, or any other person can make an HSA contribution on individual’s behalf.
Why use an HSA?
HSA Q&As for Employers
HSA Q&As for Employees
Apply Now or Learn More about Sandy Spring Bank’s Health Savings Accounts:
- Please call: 800-399-5919, press 2, 5
- View Sandy Spring Bank’s HSA Rates
*All references to tax savings are at a federal level. State taxes vary. Please consult your tax advisor.