Health Savings Account (HSA)
Take control of your health savings and be prepared for future medical expenses with an HSA from New Peoples Bank.
This account, in addition to a health plan featuring a high deductible, allows you to take control of your health care savings. A Health Savings Account may help you pay for qualified medical expenses such as co-payments, some over-the-counter medications prescribed by a physician, and even your health insurance deductible. Your HSA balance continues to roll over from year to year, allowing you to budget your health expenses and save to cover other medical expenses if required.
- Open this account with only 100.00
- Account is FDIC insured
- Yearly contributions are limited to your health plan's deductible
- Subject to a yearly individual and family contribution limit
- Persons aged 55 and older can make additional contributions to assist with future needs
- Contributions and interest earned is tax free
- An HSA is portable. It belongs to you, not your employer
- Your employer may choose to contribute to your HSA
For more information on our savings account options or to open a Health Savings Account just contact the NPB branch nearest you today!