Health Savings Account (HSA)
Leave it to your family to give you smart advice about a tax-free way to build savings for medical expenses. In today's economy, we're all growing accustomed to paying a greater portion of our health care expenses.
Wildfire Health Savings Accounts (HSAs):
- Designed for people with high deductible health plans (HDHPs) designed to cover major, catastrophic medical expenses.
- HSAs are designed to take care of smaller, routine medical bills as well as dental and vision expenses.
- Our HSA Service Center has all of the information you need about Health Savings Accounts, the rules you need to know and the forms that allow you to open an HSA on-line.
- An HSA "feels" like a savings account, because you deposit money into the account that earns interest and withdraw it for qualified medical expenses. But an HSA works more like an IRA:
- Deposits you or your employer make into your account are 100% tax deductible.
- Withdrawals for qualified medical expenses are tax free and easy - using a Wildfire HSA debit card.
- Unlike flexible spending accounts, you don't have to "use or lose" the money you deposit. Unused money stays in your Wildfire HSA and continues to grow.
- A Wildfire HSA is portable - it goes with you from employer to employer.
Interest rates are tiered on your HSA so as your account grows, your interest rate will increase.
The tiers for the HSA are:
- $0 - $999
- $1,000 - $2,499
- $2,500 - $9,999
- Over $10,000
You can check the current rates for our Health Savings Account tiers by visiting our rates page.