Health Savings Accounts
Health Savings Accounts (HSAs) are intended to help you save money and take greater control of your healthcare costs. HSAs are always coupled with a High Deductible Health Plan (HDHP).You can verify whether you have an HDHP Plan by contacting your insurance company and/or insurance agent. HDHPs feature much lower premium payments than typical Low Deductible Plans. The money you save on premium payments can be invested in your HSA. Those funds will be available to cover out-of-pocket qualified medical expenses.
Valley View Bank's HSA transacts like an interest-bearing checking account, but funds withdrawn should be for qualified medical expenses.
However, an HSA works more like an IRA:
Contributions for an eligible individual are 100% tax deductible and can be made by yourself or your employer. Withdrawals for qualified medical expenses are tax free and easy - using either a Valley View HSA debit card, HSA checks or in person by the HSA owner.
HSAs don’t have that “use it or lose it” feature. HSA funds rollover from year to year. You have the option to use the funds for qualified medical expenses today or sometime in the future. The choice is yours. An HSA is portable – it goes with you from employer to employer. It is owned by you; you are always 100% vested.
Please visit the HSA Service Center. It has all of the information that you need regarding Health Savings Accounts.
After reviewing the information at the Service Center, click here to view Valley View Bank's Health Savings Account features.
When you are ready to establish your account, come on in to any of our locations and speak with a Retail Banker.
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