Health Savings Account
A First Virginia Community Bank Health Savings Account (HSA) is a tax-advantaged account designed to help account holders pay for qualified medical expenses now and in the future. Used in conjunction with a High Deductible Health Plan (HDHP), the account offers several financial advantages.
Benefits to Individuals:
Individuals gain flexibility in managing their health and their money through:
- Tax-deductible contributions
- Tax-free earnings on the HSA
- Tax-free withdrawals from the HSA for qualified medical expenses
- Accumulation of HSA funds and earnings that roll over year to year
Benefits to Employers:
Employers can save on health insurance by adopting a High Deductible Health Plan combined with an HSA.
The bottom line result:
- Lower premiums for the employee health care plan
- A reduction in payroll taxes — all contributions to the HSA are pre-tax, thus lowering the gross payroll
This is a tax-advantage account designed for paying qualified out-of-pocket medical expenses in conjunction with a high-deductible health care plan.*
- Interest compounded daily and credited monthly
- Funds in the account can be rolled over year after year
- Tax-free earnings*
- Tax-deductible contributions*
- Tax-free withdrawals*
- Free First Virginia Community Bank HSA debit card
- Interest earned on all balances
- Low $50 minimum to open a Health Savings Account
* When used within IRS regulations regarding Health Savings Accounts. First Virginia Community Bank is not a tax or legal advisor. It is suggested that you consult your personal tax or legal advisor before making tax or legal-related investment decisions.
Please contact us at (703) 436-3800 for more information on the Health Savings Plan.