Are You Making the Most of Your HSA?

Are You Making the Most of Your HSA?

Article By: Tammy Sinz, Director of Retail Banking for SFB

Have you contributed the maximum allowable amount to your health savings account? It's not too late! You have until the tax filing deadline to make a contribution to your HSA for the prior year.

A Health Savings Account (commonly referred to as an HSA) has many benefits. But you may not realize that while it is a great way to save for medical expenses and reduce your taxable income, you also can use an HSA to save for retirement!

If you are enrolled in a high-deductible health insurance plan (HDHP) as defined by the government, then you qualify for an HSA.

There are many benefits to an HSA, but often overlooked is the ability to use it as a retirement account at the age of 65.

At Security Financial Bank, we pride ourselves in no hidden or monthly fees for maintaining a Health Savings Account with us. SFB offers an HSA checking account, which pays interest to allow your funds to grow, and a free debit card for easy access to your funds.

If you would like to know more or open your HSA today, please contact a personal banker at a location near you.