Health Savings Accounts at Northwest Community Bank
Save smarter for your medical expenses.
Health Savings Account (HSA)
With the rising cost of medical care, taking advantage of every savings is simply a smart move! Health Savings Accounts, or HSAs, offer tax benefits for those using high deductible health plans. Easy access, easy savings.
What is an HSA?
A health savings account (HSA) is a medical savings account available to people who are enrolled in a high-deductible health plan (HDHP). The money contributed to an HSA is not subject to federal income tax at the time of deposit.* Some of the benefits of an HSA are:
- Can be used to meet your deductible
- Tax deductible off your gross income
- Grows tax-deferred
- NEVER taxed when used for qualified medical expenses
- Rolls over year after year - no "use it or lose it"
*Please contact your Tax Advisor or the IRS for more information.
Do you qualify for a Northwest Community Bank HSA?
In order to qualify you must:
- Be covered by a high-deductible health plan
- Not be covered by another health plan
- Not be enrolled in Medicare
- Not be claimed as a dependent on another person's tax return
Northwest Community Bank HSA Information
It is easy to set up your new Northwest Community Bank Health Savings Account. We can help you establish your new HSA quickly and even transfer funds from your existing HSA at another institution. Contact one of our helpful Customer Service Representatives today and he/she will start you on your way!
- No monthly fee
- No monthly minimum balance requirement
- Interest earned on funds deposited. Earnings are tax deferred*
- Check and debit card accessible
- Savings with tax-deductible contributions*
- FDIC Insured
- Monitor your account through our online banking system
- Uses daily balance to calculate interest. Interest will be credited monthly.
*Please contact your Tax Advisor or the IRS for more information.View Our Rates Contact a Specialist