Supplement a high-deductible insurance plan with a Health Savings Account
A Health Savings Account (HSA) is a tax advantage account that you can use to pay for current or future IRS-qualified medical expenses when you have a high-deductible health plan (HDHP). Contributions can be made by the account owner, HSA beneficiary, or by an employer. The account is opened by the insured individual.
- This account is used with a qualifying high-deductible health plan (HDHP).
- Unused contributions remain in the account for future expenses and earn interest year after year.
- After age 65, funds can be withdrawn for any purpose without penalty (subject to ordinary income taxes).
Ready to open an HSA account? Stop by any of our branches.
HSAs are taxable in California. For more details about HSAs, please refer to IRS publication 969 titled, "Health Savings Accounts and Other Tax-Favored Health Plans." For a complete list of IRS-qualified medical expenses, please refer to IRS publication 502 titled, "Medical and Dental Expenses." Banner Bank does not provide tax advice. Consult your tax professional for tax related questions.