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?

  • HSA contributions – by employer or employee – are excluded from income.

  • HSA earnings are tax-deferred.

  • Tiered Interest Rates.

  • If used for qualified medical expenses, HSA assets are never taxed.

  • 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.