A Health Savings Account (HSA) is an account that you can put money into to save for future medical expenses. There are certain advantages to putting money into these accounts, including favorable tax treatment. You control this money, deciding how to spend it on your health care needs. Whatever you don’t spend is yours to keep — forever.
You may want to consider an HSA if you want to save additional tax-free money for retirement and could benefit from tax-deductible contributions. And, if:
You can open an HSA if you:
Cost Savings. Most people can reduce insurance premiums by choosing a low-premium HDHP. Rather than paying a health insurer, you pay yourself instead by putting the premium difference into your HSA and begin building financial security. Unused money stays in the account year to year, just like an IRA.
Tax Savings. Savings include deducting your contributions on your tax return, earning tax-free interest, and getting tax-free withdraw- als when used for qualified medical expenses.
Control. You decide how much money to put into the account, whether to save the account for future expenses or pay current medical expenses and which medical expenses to pay from the account.
Flexibility. Use the funds in your account to pay for current medical expenses, including expenses that your insurance may not cover, or save the money in your account for future needs.
Ownership. You own the money in the account. It’s yours. It becomes a financial asset, an asset you can use for retirement or even pass on to loved ones. The money stays with you, even if you switch jobs, change medical coverage, move to another state, become unem- ployed or retire.
You can use the money in your account to pay for medical expenses for yourself, your spouse or your dependent children, even if they are not covered by your high deductible health plan. Generally, you can use tax-free dollars on most medical expenses, such as:
There’s no better place to have your HSA than with Oak Valley. We’re separate from your employer and insurance company, so you can change jobs or insurance plans without changing your HSA. This gives you greater flexibility for your future and keeps things simple for you. In addition, our HSA has all the features and convenience you expect from Oak Valley It’s easy to open and easy to use. Plus, our HSA is FDIC-insured, pays interest, and the interest earnings are tax free when used to pay for qualified medical expenses.
|Minimum Opening Balance
|Minimum Balance To Earn Interest
|Monthly Service Charges1
|One Time Setup Fee
|Excess Activity Fee2
The interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on the account daily. Interest will be compounded daily and credited to the account monthly. If the account is closed before interest is credited you will not receive the accrued interest. We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. We will use an interest accrual basis of 365 for each day in the year. Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks). Fees could reduce the earnings on the account.
†APY=Annual Percentage Yield.
1 Waived if you have a non-HSA personal checking account or if you maintain a combined average daily balance of $10,000 or more in all deposit accounts on which you are the owner of the funds.
2 Limit of six (6) covered withdrawals or transfers per statement cycle. Unlimited ATM and in-branch withdrawals.