Health Savings Account

Let's face it, healthcare is expensive. The smartest strategy? Open a tax-advantaged health savings account (HSA). For starters, an HSA triples your tax benefits: tax-deductible contributions, tax-free growth and non-taxable withdrawals for qualified expenses.

Other reasons to open an HSA: Paired with a high-deductible health plan (HDHP), an HSA can help pay for everything from co-payments for routine visits and prescription or over-the-counter medications to surgery for you, your spouse and eligible dependents. You can also use it for vision, dental and even pet care, as well as long-term care. 

And once you open a health savings account, you have it for life, with balances rolling over from year to year – a plus for budgeting. Another plus: You also earn interest.

How does it work? Despite the "savings account" in the name, your German American Bank HSA is actually an interest-bearing checking account with interest payouts at three tier levels:

• $0 - $2,499
• $2,500 - $9,999
• $10,000 - over

Features & Benefits:

• Pay medical expenses with pre-tax dollars
• Let unused account funds accumulate tax-deferred and use them for future healthcare expenses
• Take unused account funds with you if your employment changes
• Get flexible access to funds using your German American Bank Check Card, checks, telephone and online banking
• Track account activity for tax records with monthly statement details that include employee and employer contributions
• Enjoy the peace of mind that your funds are FDIC-insured up to $250,000

Need to transfer an existing HSA? We're happy to help.