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

Tax Savings

  • 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.