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Five Great Reasons to Have a Health Savings Account at Community Bank of Oelwein:
1. Tax Savings.
- HSA contributions can be deducted from your gross income on your federal tax return, even if you do not itemize deductions.
2. Earned Interest.
- Funds left to accumulate in your HSA can grow with tax-deferred interest earning.
3. Reduced Insurance Premiums.
- Your insurance premiums are usually lower when you change from a low deductible to a high-deductible plan.
- You can use these savings to fund your HSA.
4. Portability.
- Even if you change jobs, your HSA funds go with you.
- You own your account.
5. Long-Term Savings.
- You can choose to let the funds in your account grow tax-deferred.
- After age 65, you may make withdrawals from your HSA for any reason without a penalty.
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