Health Savings Account (HSA)
This account can help you save for qualified medical expenses if you have a qualified high deductible health plan (HDHP)*. The HSA not only helps you pay for qualified out-of-pocket medical expenses, it can also serve as a retirement planning vehicle.
A Hawthorn Bank HSA can be an important part of your overall financial plan and offers you these important benefits:
- An HSA is similar to an IRA, in that the money you contribute grows tax-free over time giving you a new way to save for qualified medical expenses.
- The contributions you make may be tax deductible.*
- Unused balances can be carried over from year-to-year and grow on a tax-free basis.
- Withdrawals used to pay for qualified medical expenses are tax-free.
Health Savings Account (HSA) Savings Calculator
How much will your HSA be worth over time?
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*For more information concerning eligibility, tax deductibility and other important issues, please consult your tax advisor.