Health Savings Account
For individuals or sole-proprietors, health care costs can be staggering.Colorado Business Bank offers a Health Savings Account (HSA) to help lower your monthly premiums and provide tax savings. If you already have a high-deductible health plan in place, you may want to consider adding a HSA to your plan. HSAs are interest-bearing bank accounts that you put money into to save for future medical expenses. HSAs offer a number of advantages, including:
- Affordability - Health insurance plans with higher deductibles typically offer lower premiums.
- Flexibility - Funds in the HSA can be used to pay for current medical expenses – including those that insurance may not cover – or to save for future needs. In addition, they roll over year to year.
- Portability - HSAs are completely portable, so you can keep the account even if you change jobs or medical coverage.
- Tax savings - A HSA provides you triple tax savings:
- Pre-tax contributions
- Tax-free earnings with our Interest Checking Account
- Tax-free withdrawals for qualified medical expenses
Contact your banker or customer service manager for more information.
Equal Housing Lender