HSA
The Patriot Signature Plan, a lower premium, higher-deductible option, is designed to maximize the tax advantages offered under the new Health Savings Account ("HSA") laws. An HSA offers tax advantages, which help you get even more out of your healthcare dollar. It is a bank account you control so that you can receive the direct financial benefits of making smart healthcare decisions. An HSA is an interest-earning bank account that allows you to set aside money before taxes to pay for qualified medical expenses, including your deductible and any coinsurance. Here is a list of qualified medical expenses as determined by the Internal Revenue Service. IRS Publication 502
Spend what you need—tax free—and save the rest for future healthcare expenses. It’s money you get to keep—even if you change jobs. There’s no “use-it-or-lose-it” rule. At retirement age, your savings can be withdrawn for any purpose without tax penalty.
Frequently Asked Questions
Here is a list of a few local banks and some national banks offering Health Savings Accounts (HSAs). If your banking institution is not on this list, please contact them directly to inquire about their Health Savings Account options.
Additional Health Savings Account Resources:
What is the difference between a Health Savings Account (HSA), a Health Reimbursement Arrangement (HRA) and a Flexible Spending Account (FSA)? Please click here to learn more.
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