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With health care costs on the rise, affordable solutions are more important than ever. A Health Savings Account (HSA) combined with a qualified High Deductible Health Plan (HDHP) can help you minimize your health care costs.

HSAs are:
  • Tax-exempt (consult a tax advisor), individually-owned savings accounts with contributions used to pay for qualified medical expenses
  • Accessible through the Northway Bank Health Savings Account Debit MasterCardTM which makes payment easy and provides convenient access to your HSA account.
  • Used in conjunction with a high deductible health plan
  • A high deductible plan is a health plan with an annual minimum deductible of $1,300 for single coverage or $2,600 for family coverage*
  • A high deductible plan must meet out-of-pocket limits: deductible, co-pays and co-insurance not exceeding $6,450 for single coverage or $12,900 for family coverage*
  • Completely portable if you’re employed and you change jobs

HSAs help you:

  • Offset higher deductibles
  • Save for current and future medical
  • Control your own health care dollars.

HSAs provide three levels of tax advantages. Contributions are tax-exempt (consult a tax advisor). The accounts provide tax-free earnings. Withdrawals for medical expenses are tax-free. And unlike many medical reimbursement plans, unspent HSA savings carry over year-to-year—similar to an IRA.

*Amount subject to change.

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