Health Savings Account (HSA)
With an HSA from Woodland Bank, you can rest easy knowing that both your health and your pocketbook will be taken care of. An HSA allows you to save for approved medical expenses with your pre-tax earnings. And because both you and your employer can contribute to your account, your funds can grow quickly. Plus, your funds roll over year to year, and will stay with you no matter where you’re employed.
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- Greater personal control over healthcare management and expenses
- Prepare for qualified medical expenses
- Earn interest above standard savings on entire balance
- Receive higher rates on larger deposits
- $1 monthly service fee
- Sign up for free eStatements
- No minimum balance requirements
- Free Visa® Debit Card
- An HSA provides triple tax savings:
- Tax deductions when you contribute to your account
- Tax-free earnings through investment
- Tax-free withdrawals for qualified medical, dental, vision expenses, and more**
- Contributions are tax-free and can be made by you, your employer, or a third party
- Funds can be withdrawn at any time***
- Unused funds remain in account year after year; no "use it or lose it" policy
- Keep your HSA in your name, regardless of career or life changes
- Federally insured by FDIC
- $1 minimum deposit to open
Most adults under 65 who are not enrolled in Medicare and are covered under a high-deductible health plan (HDHP) can qualify for an HSA, but it is up to the account holders to determine their own eligibility. Please contact your tax advisor for further eligibility requirements.
*Fee waived on customers age 18 & under, and customers age 62 & over.
**Consult a tax advisor.
***You can withdraw funds at any time for any purpose. However, if funds are withdrawn for reasons other than qualified medical expenses, the amount withdrawn will be included as taxable income, and is subject to a 10% penalty.