Health Savings Accounts
A Better Way to Manage Your Healthcare Dollars
If you’re looking for a way to make healthcare more affordable, a Wolverine Bank Health Savings Accounts (HSA) may be the answer. An HSA is a tax-advantaged medical savings account available to individuals who are enrolled in a qualified high-deductible health plan (HDHP). It is designed to help cover out-of-pocket medical expenses like doctor’s office visits, vision and dental care an prescriptions.
Benefits of HSA:
- Tax Advantages* – Contributions are tax-deductible, earnings are tax-deferred, and qualified withdrawals are tax-free.
- Better Medical Expense Management – With an HSA you are able to withdraw funds when you need them. These withdrawals are tax and penalty-free for qualified expenses.
- A Supplement to Retirement Income – At age 65, funds may also be withdrawn for non-qualified expenses or medical expenses not covered by Medicare (subject to income tax).
If you’d like to learn if you qualify for a Wolverine Bank Health Savings Account, contact a Deposit Specialist today by calling (800) 968-4280.
*Consult your tax advisor.