Investing in Your Future
At Waypoint Bank, we understand that health is wealth. A Health Savings Account (HSA) can be a solid way to invest in both the physical and financial wellness of those who qualify.
What is an HSA
An HSA is a personal or family savings account to help cover health expenses not covered elsewhere. In 2023, an individual HSA had a yearly contribution limit of $3,650. And, a family HSA had an annual contribution limit of $7,300. The IRS determines these amounts annually. Contributions to your HSA are tax-deductible, and the interest grows tax-free.
HSA Benefits
HSAs offer flexibility, allowing you to use the funds for a wide range of medical expenses, from doctor visits to prescription medications and even certain preventive care items. The ability to roll over unused funds from year to year provides financial security when unexpected medical costs arise.
Contributions to your HSA are tax-deductible, reducing the money you need to send to Uncle Sam. Additionally, withdrawals for qualified medical expenses are tax-free, providing you with a double tax benefit. This unique tax advantage can result in significant savings over time, giving you more control over your healthcare dollars.
How to Manage your HSA
At Waypoint Bank, qualified customers can manage their HSA online and through our mobile banking app. The HSA comes with a debit card, and checks are available if you prefer to keep a paper trail. Our user-friendly online platform provides easy access to your account, allowing you to monitor contributions, track expenses, and make investment decisions conveniently. We prioritize transparency, ensuring you have complete control over your HSA.
At Waypoint Bank, we believe in empowering our customers to achieve financial success while prioritizing their health. A Health Savings Account is a powerful tool that aligns with this philosophy, offering tax advantages and flexibility in managing your healthcare expenses. Invest in your future — financially and physically — with a Health Savings Account at Waypoint Bank.
If you are eligible for an HSA, feel free to contact us to learn more about how to set it up and maximize its benefits.
