Think of your HSA as a personal savings account. Any unspent money in your HSA remains yours, allowing you to grow your balance over time. When you reach age 65, you can withdraw money (without penalty) and use it for anything, including non-healthcare expenses.
Save for a rainy day. Invest for your future retirement. Or spend your funds on qualified expenses, penalty free.
Easy to Use
Swipe your benefits debit card at the point of purchase. There is no requirement to verify any of your purchases. We recommend keeping any receipts in case of an IRS audit or to withdraw funds tax-free upon turning age 65.
The HSA’s unique, triple-tax savings means the money you contribute, earnings from investments and withdrawals for eligible expenses are all tax-free, making it a powerful savings and retirement tool.
The Equity Bank Difference
What Does It Cover? There are thousands of eligible items. The list includes but is not limited to:
- Copays, coinsurance, insurance premiums
- Doctor visits and surgeries
- Over-the-counter medications (first-aid, allergy, asthma, cold/flu, heartburn, etc.)
- Prescription drugs
- Birthing and lamaze classes
- Dental and orthodontia
- Vision expenses, such as frames, contacts, prescription sunglasses, etc.
Frequently Asked Questions
A benefit that allows you to choose how much of your paycheck you’d like to set aside, before taxes are taken out, for healthcare expenses or use as a retirement savings tool. This plan offers more tax savings than a traditional and Roth 401(k) and IRA, making it a powerful option for diversifying your retirement portfolio.
You must be enrolled in a High-Deductible Health Plan (HDHP) in order to enroll in the HSA. You’re not eligible for an HSA if:
- You’re claimed as a dependent on someone else’s taxes.
- You’re covered by another plan that conflicts with the HDHP, such as Medicare, a Medical Flexible Spending Account (FSA) or select Health Reimbursement Arrangements.
- You or your spouse are contributing to a Medical FSA.
You can click here to open your account online or stop by any of our locations to learn more.