Health Savings Accounts
Why use an HSA?
You’re in control.
There are Medical Savings Accounts (MSA), Flexible Spending Accounts (FSA), and Health Reimbursement Accounts (HRA). But, compared with these, Health Savings Accounts (HSA) allow you to have greater control.* You decide how much you contribute each year (up to plan limits), which health care expenses to pay from the HSA, and what portion of your HSA funds will be used now—and how much you want to save for the future.
You get tax savings.
Contributions, earnings, and eligible withdrawals from an HSA are tax-free, and money contributed to an HSA is deductible from a federal tax return, even if deductions aren’t itemized. Your unused HSA balance carries over year to year, and continue to grow tax- free.
It’s easy and convenient.
Use your HSA to pay for a variety of health care expenses, such as doctor visits, prescription drugs, and dental and vision care. The HSA Debit MasterCard® gives you immediate access to money in your account, or you can use special HSA checks. And, you can view your account information anytime and anywhere with Online Banking.
View Sandy Spring Bank’s HSA Rates.
*All references to tax savings are at a federal level. State taxes vary. Please consult your tax adviser.