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 Mastercard® 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 $6,550 for single coverage or $13,100 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.