HIGH DEDUCTIBLE HEALTH INSURANCE PLAN?
Open a SBW Health Savings Account (HSA) today!
If you have a high deductible health insurance plan that offers the option of opening an HSA, open a free* one with Savings Bank of Walpole! It's a great way to save for health care expenses OR for a rainy day. With an HSA, your employer is able to deduct a pretax dollar amount you specify and it's directly deposited into your HSA account. If you withdraw money from your account, it is not subject to federal income tax as long you use it to pay for qualified medical expenses. And, the funds roll over and accumulate year-to-year.
Once you turn age 65, you can also use your HSA account to pay for things other than medical expenses -- and while the amount withdrawn might be taxable as income, it will not be subject to any other penalties.
Want to learn more about our fee-free HSA or other savings account options? Give us a call at (603) 352-1822.
*This account is not subject to maintenance or activity fees.