Health Savings Account (HSA)
Take control of healthcare spending with this account which is growing in popularity. Its tax saving features makes it an attractive choice. Due to an IRS requirement, you'll need to have a qualified High Deductible Health Plan in order to open this tax-exempt account.
- Contributions into the account are tax-deductible provided you follow IRS guidelines*
- Interest earned on an HSA is tax-free
- Withdrawals for qualified medical expenses are tax-exempt
- Unlike some other healthcare accounts, you'll never lose your funds if you don't use them.
- With an HSA, your funds are rolled over and kept in your account from year to year.
- Portability allows you to keep your funds even if you change employers or health plans. The account belongs to you.
- Tiered interest rates earn you higher rates for higher balances. As your balance grows, you'll earn more money on your HSA.
- Easy access to your funds by MasterCard ATM/Debit Card**, electronic transfer or in-bank withdrawals
- Check with a Minnwest representative who can update you on the current federal limits of annual contributions to an HSA
- $100 to open account with automatic deposit available
* Consult your tax advisor, employer or insurance provider regarding health plan eligibility and tax advice.