Why use an HSA?
An HSA is flexible and easy to use!
More Control Over Your Health Care Dollar
- More flexibility than other tax-advantaged accounts – such as medical savings accounts (MSAs), flexible spending accounts (FSAs) and health reimbursement accounts (HRAs).
- The HSA owner manages health care dollars and decides:
- How much money to contribute to the HSA each year up to plan limits
- Which health care expenses to pay from the HSA
- How much HSA funds will be used for health care expenses and how much will be saved for the future
- Contributions, earnings and eligible withdrawals from an HSA are tax-free
- Money contributed to an HSA is deductible from a federal tax return, even if deductions aren’t itemized
- Money contributed to an HSA through a Cafeteria Plan is done on a pre-tax basis
- Employer contributions to an individual’s HSA, if any, are also tax exempt from federal income tax
- Withdrawals from an individual’s HSA used to pay for qualified health care expenses are not taxed – supporting receipts should be kept for the Internal Revenue Service
- Unused HSA balance is not forfeited – it grows year after year
- Unused contributions and gains continue to grow tax-free
- HSA money may be used to pay for a variety of health care expenses, such as:
- Doctor visits
- Prescription drugs
- Dental care
- Vision care
- Access to money in an HSA account is convenient with the HSA MasterCard® debit card or by using special HSA checks
- Account information is available online 24 hours a day using BankXpress Online Banking
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.