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Banks offering health savings accounts (HSA) can easily be found by doing a simple Internet search. With just a few clicks, you’ll have several banks to choose from. Of course, you can always just pick up the phone and call several banks, too.
What is a Health Savings Account?
A health savings account allows people to save money for certain eligible medical costs. Reasons to look for banks offering health savings accounts include:
- lower insurance premiums
- funds saved and spent from an HSA account are tax-free
- balances roll over and are flexible, so you don’t lose funds from year-to-year or if you change jobs or retire
How it Works
There are certain requirements needed to qualify for an HSA account, one being that you must have an HSA-eligible health insurance plan. Once you qualify and open your account, the bank you select will send you an HSA debit card, with which you may pay qualified medical expenses (including but not limited to office visits, some prescriptions, and yearly physicals).
Where to Look
Banks offering health savings accounts are plentiful. Most banks detail eligibility and account information on their websites. Simply use an Internet search engine to find all of the information you’re looking for. If you have any questions along the way, just pick up the phone or stop in to your local bank and ask if they offer an HSA.
