Health Savings Account
Savings for a Healthy Future
If you’re enrolled in a High Deductible Health Plan (HDHP) you can prepare for unexpected medical expenses with a Peoples Bank Health Savings Account (HSA)* and enjoy the Triple Tax Advantage!
- Tax-free contributions are not subject to Federal income tax, and employer contributions to your HSA are excluded from your gross income.
- Tax-free earnings so you keep 100% of any money your HSA earns, boosting the amount of money you have to cover your out-of-pocket medical costs.
- Tax-free withdrawals for qualified medical expenses.
Our Peoples Bank FREE Health Savings Account offers unlimited Debit Card and check writing transactions and earns Interest!
So open your Free Peoples Bank HSA account today to help pay for these expenses and more:
- Medical deductibles
- Qualified medical expenses
- Routine healthcare expenses
- Prescription drugs
- Emergency room visits
- Specialist Visits
To learn more about Peoples Banks’ Health Savings Account eligibility, qualified expenses, and additional benefits, click here. For additional information, visit us or contact a Peoples Bank team member at 877.885.2511.
*Peoples Bank makes available the Health Savings Account as a custodian only. This information is not intended to be tax or legal advice. This information cannot be used by any taxpayer for avoiding tax penalties that may be imposed on the taxpayer. You should review your particular circumstances with your independent legal and tax advisors, You can receive tax-free distributions from your HSA to pay or be reimbursed for qualified medical expenses you incur after you establish the HSA. If you receive distributions for other reasons, the amount you withdraw will be subject to income tax and may be subject to an additional 20% tax. Peoples Bank recommends you contact qualified legal or tax counsel before establishing a HSA. The Internal Revenue Service publishes a list of qualified expenses in Publication 502. Medical and Dental Expenses available at www.irs.gov.
