|
|
|
 |
|
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.
|
|
|