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