Health Savings Accounts
If you have a high-deductible health plan, a Health
Savings Account with ProGrowth Bank could be your solution to the
ever-rising cost of health care. HSAs were created by Congress to
combat rising medical costs by providing an incentive for more
consumers to pay “first-dollar” medical expenses. An HSA is very
similar to an IRA account. It is designed exclusively for covering
medical expenses.
What are the benefits of
an HSA?
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HSA contributions – by employer or employee – are
excluded from income.
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HSA earnings are tax-deferred.
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If used for qualified medical expenses, HSA
assets are never taxed.
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Unused HSA assets may be used for retirement.
If you believe you have a high-deductible health
plan, consult with your insurance agent or representative and then
stop into any of our three locations. Our
bankers will be happy to explain the account in further detail.
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