Health Savings Account
Be in control of your health spending.
Alarmed by the increasing costs of health care? At TBACU, we offer our members a wide array of services to help them plan and save for health related expenses. HSAs allow you to combine the protection of health insurance with a tax-deductible savings account. A Health Savings Account is an account to help you pay for qualified medical expenses that are not covered by an insurance plan. It can be funded with your tax-exempt dollars, by your employer, or both. Withdraw money from your HSA tax and penalty free at anytime to use for a variety of medical expenses – from the doctor and prescriptions to dental, vision and lab visits.
Health Saving Account Benefits
- Security – You will have an opportunity to save money to pay high or unexpected medical bills.
- Convenience – You own the account, so it goes where you go.
- Savings – Your ability to deduct your contributions and the tax deferral of account earnings permit you to build your account.
- Flexibility – You can make a contribution at any time throughout the year, and your HSA balance rolls over from year to year.
- Affordability – High health insurance policy deductibles mean lower premiums.