With an HSA from Woodland Bank, you can rest easy knowing that both your health and your pocketbook will be taken care of. An HSA allows you to save for approved medical expenses with your pre-tax earnings. And because both you and your employer can contribute to your account, your funds can grow quickly. Plus, your funds roll over year to year, and will stay with you no matter where you’re employed.
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Most adults under 65 who are not enrolled in Medicare and are covered under a high-deductible health plan (HDHP) can qualify for an HSA, but it is up to the account holders to determine their own eligibility. Please contact your tax advisor for further eligibility requirements.
*Fee waived on customers age 18 & under, and customers age 62 & over.
**Consult a tax advisor.
***You can withdraw funds at any time for any purpose. However, if funds are withdrawn for reasons other than qualified medical expenses, the amount withdrawn will be included as taxable income, and is subject to a 10% penalty.