Benefits:
- Greater personal control over healthcare management and expenses
- Prepare for qualified medical expenses
- Earn dividends above standard savings on entire balance
- An HSA provides triple tax savings:
- Tax deductions when you contribute to your account
- Tax-free earnings through investment
- Tax-free withdrawals for qualified medical, dental, vision expenses, and more1
- Tax deductions when you contribute to your account
- Contributions are tax-free and can be made by you, your employer, or a third party
- Funds can be withdrawn at any time2
- Access funds via a debit card or checks
- No monthly maintenance fees
- No minimum balance requirements
- Unused funds remain in account year after year; no "use it or lose it" policy
- Keep your HSA in your name, regardless of career or life changes
- $25 minimum deposit to open
Eligibility
Most adults under 65 who are not enrolled in Medicare and are covered under a high-deductible health plan (HDHP) can qualify for an HSA, but it is up to the account holders to determine their own eligibility. Please contact your tax advisor for further eligibility requirements.
Youth Accounts
It’s never too early to start your little ones down the path to financial literacy. With accounts for children and teens alike, let Bangor Federal help your kids navigate the banking world.
