 |
Health Savings Accounts
A Smart Option in a Changing Healthcare World
Columbia Bank offers a Health Savings Account (HSA) for individuals who want to pay less in taxes and benefit from substantial discounts simply by using an HSA to pay for out-of-pocket medical expenses.
If your employer offers the Columbia Bank HSA, click here to enroll or access your account.
How Does It Work
An HSA works with a High Deductible Health Plan (HDHP), and lets you set aside a portion of your paycheck - before taxes if supported by your employer - into an account to help you pay for medical expenses before you reach your deductible or that aren't covered by your plan. It can also help you plan for future medical expenses.
HSA Benefits
- HSA accounts are FDIC-insured and interest-bearing.*
- When you set up an HSA, it's yours regardless of whether you change employers.
- Funds carry over from year to year so you don’t have the stress of having to worry about using or losing what's in your account before the end of the year.
- You can make contributions anytime during the year, up to the annual maximum.
- All contributions are tax-deductible.
- Withdrawals for eligible expenses are always tax-free and, when you turn 65, withdrawals for non-medical expenses are treated similarly to a regular IRA.
- Use the convenient debit card to easily access the funds in your account.
Reasons to Sign Up for an HSA Today
- Enrollment is easy, and can be done online in only a few minutes.
- Debit cards give you convenient access to HSA funds, and can be used at clinics, hospitals and pharmacies.
- Access your account anytime on the secure and easy-to-use website.
- The online Healthcare Toolbox provides important information to help you make decisions about your health insurance choices and healthcare.
- The user-friendly, web-based portal lets you manage account information, see your balance, get helpful reminders sent via email, and manage your balance and investments, if applicable.
Resources
- MyHSA - An interactive demo on the what, why and how of an HSA
- IRS Publication 969 - A complete overview of how you can use a Health Savings Account
- IRS Publication 502 - Learn what qualifies as an itemized deduction
* The (Columbia Bank ) MyHSA is a custody account through U.S. Bank. Funds held in the HSA are FDIC Insured through U.S. Bank.
