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Frequently Asked Questions

What is a health savings account (HSA)?

A health savings account (HSA) is an account that you can use to pay for certain health care expenses. To open an HSA, you must be enrolled in what’s called a “qualified high-deductible health plan,” or HDHP. This means your deductible is at least $1,300 if you have insurance just for you, or $2,600 if you have insurance...

What are the tax advantages of an HSA?

An HSA offers you many tax advantages: 1 Money you put into an HSA can lower your taxable income. 2 Money you contribute to your account is tax-free. 3 Money you take out to pay for eligible health care expense is never taxed.

Can I combine a high-deductible health plan with a health savings account?

A high-deductible health plan can be combined with a health savings account (HSA). And when they are paired together, you can save even more. You can contribute money from each paycheck into your HSA. When you contribute to your HSA with the money you save from your lower premiums, you give yourself tax-free dollars.

How can I use my Associated Bank HSA?

Use your Associated Bank HSA account to save for medical expenses while simultaneously enjoying the tax advantages that accompany this type of savings account. You can even invest your HSA savings into a mutual fund to earn competitive interest. Using your HSA savings for qualifying medical expenses is easy with the HSA debit card.

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