Primary Bank’s Health Savings Accounts (HSA) are designed for High Deductible Health Plan (HDHP) holders as a tax-deferred, flexible way to accumulate funds for qualified, out of pocket medical expenses not covered by insurance. HSAs are also perfect for those looking for a way to better prepare for the health costs of retirement

Benefits of Having a Primary Bank HSA

HSAs, while managed like a normal savings account, have several exclusive advantages and features as a result of their special design.

Triple Tax Advantage

Contributions to your HSA are tax-deductible up to the IRS’ allowed maximums, any interest earned on your HSA is tax deferred and potentially free and funds from your HSA used for qualified medical expenses are tax free.   

Portability

Your HSA is owned by you, not your employer.  Funds remain with you even if you change jobs, medical coverage, marital status, or retire.

Flexibility

Your account balance rolls over from year to year.  If you are no longer eligible to make contributions, your funds may still be used for qualified medical expenses.

Convenience

You’ll enjoy easy payment and account access with your Health Savings debit card.

  

Visit our FAQ page or contact your tax professional for more information

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