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.
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 $1,250 for single coverage or $2,400 for family coverage*
A high deductible plan must meet out-of-pocket limits: deductible, co-pays and co-insurance not exceeding $5,950 for single coverage or $11,900 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.