Health Savings Account
Build up a cushion for unplanned medical expenses.
A Health Savings Account Might Be A Great Way To Be Financially Healthy
A Health Savings Account (HSA) can be a great way to save for medical expenses and reduce taxable income. If you are enrolled in a high-deductible health insurance plan, you can qualify for an HSA. Plans do vary so make certain you find out exactly how to qualify.
How an HSA works
It’s common for health insurance providers to offer HSAs. If yours doesn’t have one, you can open a separate HSA account at IncredibleBank. Each year, you decide how much to contribute to your HSA account, though you cannot exceed government-mandated maximums (refer to IRS.gov for HSA contribution limits, restrictions and general program guidance). If you have an HSA through your workplace, you can set up automatic contributions directly from payroll.
You will receive a debit card or checks linked to your HSA account, and you can use the funds on eligible medical expenses. This includes deductibles, co-pays and co-insurance, plus other qualified medical expenses not covered by your plan. Be aware that insurance premiums usually cannot be paid for with HSA funds.
Unlike a Flexible Spending Account, your HSA balance rolls over from year to year, so you never have to worry about losing your savings. Once you’re over age 65 and enrolled in Medicare, you can no longer contribute to an HSA, but you can still use the money for out-of-pocket medical expenses.
HSA Accounts That Cover Medical Expenses And Help You Save
Cover Medical Expenses
HSA Debit Card
Earn Interest
No Income Tax On Contributions
Other Banking Options For You
Checking Accounts
We know that every bank has checking accounts, but not every bank has an incredible checking account. Free checks, check.
Savings
Spending is good, saving is good, too. After all, we are a bank and we do encourage our customers to save their money. And what better place to do it than your IncredibleBank savings accounts or a money market account.
Mobile App
Well, well…finally a banking app that you can actually bank on, and bank with. That’s the IncredibleBank app that lets you be truly mobile. Make deposits, pay bills, pay other people, better yet, pay yourself. It’s your mobile wallet, safe and sound.