Make the Most of Your HSA
Have you contributed the maximum allowable amount to your health savings account (HSA)? It's not too late! You have until tax filing deadline on Tuesday, April 18, 2023, to make a contribution to your HSA for the 2022 tax year.
What are the benefits to an HSA?
- Contributions are pre-taxed, your HSA funds grow tax free, and HSA withdrawals when used for eligible medical expenses are tax free. Because of this, the money you contribute lowers your taxable income.
- There is an expansive list of eligible health expenses that can be purchased with your HSA, and it grows each year.
- In addition to using the funds for medical expenses, you can save and invest them for retirement. At age 65, you can use the funds for any purpose without a penalty.
Contact a personal banker to learn more about how you can make the most of your HSA. Call us at 888.254.0615.