Being prepared in advance for medical expenses is never a bad idea. An HSA from Solvay Bank helps you save for future medical expenses, earn interest, and gain valuable tax advantages at the same time.
You own and control the money in your HSA, no matter if you change employers or insurance. Accessing funds is simple — available via check, online banking, or a complimentary Visa® debit card.
Important Note: The information contained in this section is not intended to provide specific advice or recommendations for any individual. We suggest that you consult your financial advisor.
You must have a high deductible health plan (HDHP) if you want to open an HSA. Sometimes referred to as a "catastrophic" health insurance plan, an HDHP is an inexpensive health insurance plan that generally doesn't pay for the first several thousand dollars of health care expenses (i.e., your "deductible") but will generally cover you in full after that. Of course, if you have an HSA, your HSA is available to help you pay for the expenses your plan does not cover.
A common question is what counts as a qualified medical expense. HSA funds retain their tax-free status if they are used for the following expenses:
*For a full list of qualified medical expenses as defined by the IRS, please visit the U.S. Department of Treasury website.
The maximum contribution limits for 2017 are:
More information is available at http://www.treasury.gov
Each Solvay Bank branch office has a dedicated HSA Account Specialist. Use the "Apply Now" or "Questions" buttons above to get started.
To transfer an existing Health Savings Account (or Archer Medical Savings Account) from another institution to Solvay Bank, use our Request for Transfer form.