What is an HSA and Why is it Important?

An HSA, or Health Savings Account, is a special savings account that helps you save for medical expenses if you have a high-deductible health plan (HDHP). It offers three key tax advantages:

  1. Tax-Free Contributions: The money you contribute reduces your taxable income, meaning you pay less in taxes.
  2. Tax-Free Growth: Any money in your HSA earns interest or investment returns tax-free.
  3. Tax-Free Withdrawals: When you use the funds for qualified medical expenses, you won’t be taxed on the withdrawals.

One of the best features of an HSA is that your unused funds roll over each year, so you can continue saving for future health care needs without worrying about losing the money.

Why Now is a Good Time to Consider an HSA

As the year comes to a close, it’s a great time to think about your healthcare costs. If you’ve noticed that medical expenses have been putting a strain on your budget and you don’t have an HSA yet, it might be time to consider one. An HSA can help you manage healthcare costs more easily while giving you valuable tax benefits.

How to Open an HSA with CCB

Even if your employer doesn’t offer an HSA, you can still open one with CCB.  We make it simple for individuals to take control of their healthcare savings and start benefiting from tax advantages. Here’s how:

  1. Visit countonccb.com or stop by one of our branches.
  2. Check that your health plan qualifies as a high-deductible plan (HDHP).
  3. Open your HSA with a small initial deposit and start saving right away.

At CCB, our motto is “Where Community Counts”, and we’re committed to helping you save for the future, while making healthcare costs easier to manage.

How to Use Your HSA

You can use your HSA to pay for a variety of medical expenses, including:

  • Doctor Visits: Co-pays for regular check-ups, specialist appointments, and treatments.
  • Prescription Medications: Costs for doctor-prescribed medications.
  • Vision Care: Expenses for eye exams, glasses, and contact lenses.
  • Dental Care: Services such as cleanings, fillings, and more.
  • Mental Health Services: Therapy, counseling, and psychiatric care.
  • Medical Equipment: Crutches, blood sugar monitors, or other necessary equipment.
  • Chiropractic Care: Visits to licensed chiropractors.
  • Over-the-Counter Medications: Eligible over-the-counter drugs and medical supplies.

For Employers: How You Can Help Employees Without Added Costs

As an employer, offering an HSA to your employees through CCB can be a valuable benefit that helps them manage healthcare costs and save for the future. The best part is that it doesn’t have to cost your company anything extra to provide this benefit. Here’s how you can help:

  1. Partner with CCB to set up HSA options for your employees. Interested in learning more? We’re available for meetings with you, or your employees, if you prefer. Just contact us and we’ll do the rest!
  2. Encourage your team to participate and take advantage of the tax benefits and savings opportunities an HSA offers.
  3. By offering an HSA, you’re providing your employees with a powerful tool to take control of their healthcare expenses while boosting their overall financial wellness.

At CCB, we’re here to support the communities we serve with flexible solutions that make a difference. “Where Community Counts” is more than a slogan—it’s our promise to the community.