For individuals or sole-proprietors, health care costs can be staggering.
Colorado Business Bank now offers My HSA a Health Savings Account (HSA) to help lower your monthly premiums and provide tax savings. If you already have a high-deductible health plan (HDHP) 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.
Reasons to have a My HSA account:
- Enrollment is easy, and can be done online in a few minutes
- Debit card gives you convenient access to your HSA funds, and can be used at clinics, hospitals and pharmacies.
- Access your account any time on the secure and easy-to-use website.
- The online Healthcare Toolbox provides important information to help you make decisions about your health insurance choices and healthcare.
- User-friendly, web-based portal lets you manage account information, see your balance, select to get helpful reminders sent via email, and manage your investments.*
HSAs offer a number of other advantages, including:Affordability - Health insurance plans with higher deductibles typically offer lower premiums.
Flexibility - Funds in the My 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 - My HSA is completely portable, so you can keep the account even if you change jobs or medical coverage.
My HSA accounts are FDIC-insured and interest-bearing.
Tax savings - A HSA provides you triple tax savings:
- Tax deductions on contributions
- Tax-free account growth through interest and investment earnings*
- Tax-free withdrawals for qualified medical expenses
Click here or contact your banker or customer service manager for more information.
*Investment products are not FDIC insured; are not deposits or other obligations of, or guaranteed by, the bank; and may be subject to investment risks, including the possible loss of principal. HSAs held at U.S. Bank, N.A. Member FDIC