Health Savings Account
A Health Savings Account, or HSA, is a unique, tax-advantaged account that can be used to pay for current or future healthcare expenses. When combined with a high-deductible health plan, it offers savings and tax advantages that a traditional health plan can't duplicate. With an HSA, you have:
A tax-advantaged savings account you can use to pay for eligible medical expenses as well as deductibles, co-insurance, prescriptions, vision expenses, and dental care.
There are three key tax benefits to a Health Savings Account (HSA). Money goes into and comes out of an HSA tax-free (as long as funds are used to pay for qualified medical expenses).
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Contributions to HSAs are not subject to federal income taxes.* |
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Earnings to an HSA from interest and investments are tax-free. |
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Distributions from an HSA to pay for qualified medical expenses are tax-free. |
*Federal tax savings are available regardless of your state. State tax savings may not be available in every state. Cogent Bank does not provide tax advice. Consult your tax professional for tax-related questions. For more information concerning state taxes, please consult with your State Department of Revenue.
Cogent Bank HSA Account Features:
- Interest Bearing Checking
- Visa Debit Card
- No minimum balance requirement
- Online/Mobile Access
- eStatements
- Account to Account Transfers
- Mobile Deposit
- No monthly service fee
Apply for an HSA Account
If you or your employees are interested in applying for an HSA account from Cogent Bank, click below to contact us.