Health Savings Accounts

A Health Savings Account (HSA) from Citizens State Bank Norwood Young America is a great way to save for your health care expenses. HSAs are tax-favored consumer savings accounts which are available to individuals as well as employers and their employees.

When combining an HSA with a qualified high deductible insurance plan, contributions made to the HSA are tax deductible and distributions are tax free when used for qualified medical expenses. Contributions not used for current year medical expenses can be carried over year after year. If HSA contributions are not used they can create an additional source of taxable retirement income. Funds in the HSA are owned by the individual.

Citizens State Bank offers Health Savings Accounts with interest rates and pricing structures designed to benefit you.