Health Savings Accounts

Save for medical expenses and enjoy tax advantages along the way. 

An HSA helps you address the rising costs of health care. 

Injuries can happen and illnesses can occur. With a Health Savings Account from Ives Bank, you can take the pain out of big medical bills by saving money to cover various treatments. 

Contributions are tax-deductible*
Interest earned on your account is tax-deferred*
Withdrawals for qualified medical expenses are tax-free*
Unused funds and earned interest carry over every year
An important point

To open an HSA, you must be covered by a High Deductible Health Plan (HDHP). Once you're enrolled, you own and control the money in your HSA. You decide how to spend the money, not a third party or health insurer. 

A reliable solution to save for health care expense today and into the future

With an HSA, you can pay for current health expenses and save for future qualified medical and retiree health expenses - all on a tax-free* basis. 

  • You always own the HSA, even when you change insurance plans or retire
  • Employers that offer HSA also can benefit
  • Contributions are considered employer-provided coverage for medical expenses
  • Attract and retain the best employees by offering good health coverage
  • Overall health insurance costs are lowered

For Individuals

An HDHP provides traditional medical coverage and an HSA is a tax-free way to save for your future medical expenses. Together, they give you greater flexibility and control over how you use your health care benefits.

The HDHP features higher annual deductibles than traditional health plans. Depending on your HDHP, you may have the choice of using in-network or out-of-network providers. Using in-network providers typically will save you money. Except for preventative care, you must meet the annual deductible before the plan pays benefits. Preventative care services are generally paid either before you meet your deductible, after you meet a smaller deductible or on a co-payment basis.

For Business Owners

Providing attractive health benefits doesn't have to be expensive. An employer-sponsored Health Savings Plan (HSA) can help you share the cost of health care with your employees in ways that benefit your business and your employees. 

Employers Benefit by Offering Small-Business Insurance and HSAs

  • Sharing the cost of health benefits with employees allows them to build a savings account with tax benefits*
  • Employees self-administer their HSAs, resulting in minimal administration for your business
  • Contribute in a lump sum or in any frequency to your employees' HSAs with no minimum contribution requirements
  • Attract and retain stellar employees by offering solid health care benefits

Employees Benefit from HSAs

  • Employees pay lower premiums with an HDHP and can use their savings to fund their HSAs
  • Employees contribute pre-tax money, earn tax-free interest and make tax-free withdrawals when funds are used for qualified medical expenses
  • Employees can save the money or use it for a wide range of health care-related expenses not typically covered by other health care accounts, such as purchasing long-term care insurance
  • Employees own this asset and can use their HSAs to supplement their retirement income

In Retirement

Use an HSA to create a second retirement account and to save money to pay for medical expenses during retirement. Your HSA contributions won't affect your IRA limits and you can withdraw funds tax-free* if the money is used to pay for medical expenses.

Money you deposit in your HSA is tax-deductible* and the money in the account grows tax-deferred like an IRA.

Ives Bank is a full-service financial institution headquartered in Danbury, CT.

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Disclaimer

* Consult your tax advisor.

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