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Health Savings Accounts

A Heath Savings Account (HSA) is a great way to pay your out-of-pocket medical expenses on a tax-favored basis. If you are enrolled in a high-deductible HSA-eligible medical insurance plan, Community West Bank can help make your health care more affordable.*

Save for Medical Expenses

  • Tax free — funds in Health Savings Accounts earn interest tax free.
  • Tax deductible — HSA deposits made by employees are IRS tax deductible.
  • Employer contributions to Health Savings Accounts are made tax free to the employee.
  • Qualified medical expenses are paid tax-free from an HSA.
  • Convenient payment — pay your qualified medical expenses by check or debit card.
  • Low opening deposit — a Community West Bank HSA can be opened with as little as $50.
  • Easy information access — keep track of your HSA transactions and balance with free online access to account information.
  • Unused funds remain in an HSA and continue to earn tax-favored interest.
  • Additional “catch up” contributions may be made to an HSA each year if you are 55+.
  • Electronic monthly account statements are available, detailing your HSA contributions, medical expense payments and interest earned.

Flexible and easy to use, an HSA is a tax-advantaged account that enables you to take charge of your health, your savings and your future.

Please call or stop by Community West Bank.

* As with any tax-favored account, please consult your financial or tax advisor regarding any tax implications of your Health Savings Account contributions and withdrawals.