Health Savings Account
What's an HSA?
A Health Savings Account is a savings account option used to help individuals and employees with elected high deductible health plans (HDHP) save money and cover medical expenses.
With an HSA, you’re in control: decide just how much you contribute, and when to use your HSA funds to cover your healthcare costs: doctor visits, prescriptions, procedures and so many more!
Benefits of an HSA
Your tax benefits
The money you contribute comes directly out of your paycheck – tax-free. If you waited for that money to hit your bank account, and then paid for medical expenses using a standard checking account, those dollars would have already been taxed by Uncle Sam.
But not with your HSA!
AND: Your funds aren’t taxed when you withdraw or pay for medical expenses using your HSA account.
Let your money make money
Once you’ve saved $1,000, you can establish an investment account using your HSA contributions, with a variety of mutual funds to choose from.
All. Tax. Free. Including all earnings, interest and investment returns – as long as you're using it for medical expenses.
You own your HSA account, not your employer. However, your employer may make contributions to your account. Family members can too.
All HSA contributions roll over year after year.
And you won’t lose a penny if you:
- Change jobs
- Change health plans
- Change HSA providers
Convenient and easy access
Your HSA deposits are held in your name at Old National Bank. Because of this you have access to all these features and more.