Health Savings Account
With a Health Savings Account (HSA Checking Account) from Coastal, you can save and pay for medical and health expenses with pre-tax dollars. If you have a High Deductible Health Plan (HDHP), sign up for Coastal's HSA Checking Account today. You may be eligible to save and offset rising medical costs.
- Features
Once you are covered under an HDHP, Coastal's HSA Checking Account can help you gain control over your health care spending by providing a tax-advantaged savings account. You can save on a pre-tax basis, choose your own physicians, medical service providers and cover medical expenses incurred by you and your dependents.
In addition, you can use your Coastal HSA Debit Card to pay for qualified medical expenses right from your HSA Checking Account.
Benefits and advantages of a Health Savings Account may include:
- Tax deductions realized on a pre-tax basis as soon as you contribute to your HSA Account
- Lower Health Insurance Premiums realized by switching to a HDHP
- Control the way your healthcare funds are spent and invested and choose your own physician
- Gain protection from high or unexpected medical bills
- Withdrawals from your HSA are tax-free
- Money saved in your HSA account can be used for qualified medical expenses or for future needs that may arise
- Funds remain in your HSA from year to year; there are no "use it or lose it" rules which apply to this account.
And, you'll earn tax-free money on the funds in your HSA account. An HSA is completely portable and you can take your funds with you wherever the future may lead.
Expenses covered by your HSA Account may include:
- Actual medical expenses
- Doctor visits
- Dental care
- Long-term care
- Healthcare coverage when unemployed
- Prescriptions
- Transportation to get to medical cares
- See all qualified medical expenses
- Service an Existing HSA
Make a contribution, transfer or rollover assets, make a withdrawal, or change beneficiaries.
