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A Helpful Solution for Paying Medical Bills

It’s no secret that health insurance can cost a pretty penny. If you are covered by a high-deductible health plan (HDHP), you can be on the line for a large amount of money before your insurance deductible kicks in. However, a health savings account from Park Bank can help you save specifically for health care costs.

What is a Health Savings Account?

  • A health savings account, or HSA, is a separate savings account you can contribute to to be used only for qualifying health care expenses.
  • The funds in an HSA can be used for you, a spouse or any child dependent’s health care.
  • It is your account, meaning it stays with you as you switch jobs. Plus, funds rollover from year to year.
  • There are also possible tax advantages for using a health savings account (please consult with your tax advisor).
  • Contributions can be made by you and your employer if they offer this benefit.

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Using an HSA is very similar to using your regular checking account

When you receive treatment for a qualified medical need, you simply pay with a check or special Visa debit card we provide to you. As the account owner, it is up to you to know which medical expenses you can use your HSA for. You may incur income tax or IRS penalties for using funds from your HSA for non-medical costs.

Call Park Bank At Your Service at (608) 278-2801 or stop by any Park Bank branch during business hours for more information or to get started with your health savings account.

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