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Use Your Health Saving Account to Save for Retirement!

Wednesday, February 6

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.

Benefits of an HSA:

  • Tax-deductible contributions

  • Catch-up contributions to those age 55 or better

  • Tax-free withdrawals for qualified medical expenses

  • Tax-free earnings

  • Balance can carry from year-to-year

  • At age 65, can be used as a retirement account

  • Portable

  • Convenient

At Security Financial Bank, we pride ourselves on no hidden or monthly fees for maintaining a health savings account with us. SFB offers a HSA checking account, which pays interest to allow your funds to grow. In addition, your first order of checks is free, and you will receive 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.