Health Savings Account (HSA)
Waukesha State Bank’s Health Savings Account offers the most competitive product available in the marketplace today, including:
- No set-up fees
- No monthly maintenance fees
- Minimum balance only $1
- Great interest rate on any balance
- Debit Mastercard® access
- Free Online Banking
- Unlimited check writing
Why an HSA?
With an HSA, you can pay for qualified medical expenses – tax-free. In combination with a high-deductible health insurance plan (HDHP), HSAs allow you to manage your health care costs with greater control, saving you time and money.
You must have coverage under an HSA-qualified "high deductible health plan" (HDHP) to open and contribute to an HSA. Generally, this is health insurance that does not cover first dollar medical expenses.
HSAs provide triple tax savings:
- Tax deductions when you contribute to your account
- Tax-free earnings through investment
- Tax-free withdrawals for qualified medical expenses
Any contribution amount left over at the end of the year can remain in the account for future medical expenses.
Catch-up contributions are available for those ages 55 and older. Contribution limits change on an annual basis.