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Health Savings Account (HSA)

A Health Savings Account, or HSA, is a special account for eligible individuals where contributions to the account are to pay for current and future medical expenses. HSAs are used in conjunction with a High Deductible Health Plan. Features of a HSA include:

  • Your own HSA contributions are tax-deductible.
  • Interest earned on your account is tax-free.
  • Withdrawals for qualified medical expenses are tax free.
  • Unused funds and interest are carried over, without limit, from year to year.
  • You own the HSA and it is yours to keep — even when you change plans or retire.

Community West Bank offers a competitive tiered savings account with a limited check writing feature and allows you to roll over unused balances from year to year. Costs for medical care are increasing. With deductible contributions, tax-free distributions, and flexibility in distribution timing, HSAs offer a way to help manage those future costs!

For additional information and requirements that apply to Health Savings Accounts please contact any of our local branch offices.

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