Health Savings Accounts

Woman doctor listening to a young girl's heart. Sandy Spring Bank's Health Savings Accounts. Here’s an easy and flexible way to help you save money for medical expenses and reduce your taxable income. A Health Savings Account (HSA) lets you, your employer, or someone else make pre-tax contributions.

Why use an HSA?

You’re in control.

There are Medical Savings Accounts, Flexible Spending Accounts, and Health Reimbursement Accounts. But, compared with these, Health Savings Accounts 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 to an HSA are made on a pre-tax basis, and earnings in the account and payments for qualified medical expenses are tax-free.  You may be able to claim a tax deduction for contributions, you, or someone other than your employer, make to your HSA directly (not through payroll deductions).  Sandy Spring Bank recommends that you contact a qualified tax or legal professional to discuss the tax implications of opening an HSA.*

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.

More Resources

View Sandy Spring Bank’s HSA Rates.

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  • Disclosure

    *All references to tax savings are at a federal level. State taxes vary. Please consult a tax or legal advisor regarding the tax implications of opening an HSA. Please consult a tax or legal advisor regarding the tax implications of opening an HSA.