Waldo State Bank HSA Accounts

HSA Accounts

  • A health savings account (HSA) is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a high-deductible health plan (HDHP). The funds contributed to an HSA account are not subject to federal income tax at the time of deposit.
  • A minimum deposit of $50.00 is required to open an HSA account. A minimum balance of $0.01 must be kept in the account each day to obtain the disclosed annual percentage yield.
  • Interest will be compounded and credited monthly. Interest rates and annual percentage yields can change at our discretion.
  • Interest begins to accrue on the business day you deposit noncash items (checks, for example).
  • Free account access with a debit card.
  • First 50 checks are free.
  • Contact Waldo State Bank for current rates.

HSA Accounts

Saving for the Future

Opening an HSA account is a strategy to save both now and for the future. Not only does an HSA help cover medical expenses now, but they also help cover the out-of-pocket costs of health care during retirement. The average American couple retiring in 2019 could spend $285,000* on health care during retirement. With health care costs on the rise, it is never too early to start offsetting future expenses. An HSA account helps fill the coverage gap by allowing qualifying medical expenses to remain tax-free even if the reimbursement is in the future. 

After the age of 65, you can withdraw funds from your HSA for any purpose and utilize the account like you would a 401(k) without a penalty. Normal tax laws apply if not used for covered medical expenses.  

Contact us to learn if you are eligible for an HSA account!

*Based on a healthy, 65-year-old couple according to Fidelity's annual Retiree Health Care Cost Estimate. Apr. 2, 2019.

A couple overlooks the ocean.

Newsletter Sign-up

Interested in bank news & updates?