Health Savings Account  (HSA)

Health Savings Account (HSA)

Unfortunately, you can't always prepare for medical incidents; however, you can prepare for them financially. An HSA from PCB allows you to stay one step ahead by setting aside year-round for qualified medical expenses. HSA plans provide triple tax savings, including tax-deductible contributions, tax-free earnings through investment, and tax-free withdrawals for qualified expenses.*

There are no monthly service fees or minimum balance requirements, just money to be made. Plus, your HSA always remains in your name, so you always pick up where you left off regardless of work or life changes.

Summary
  • Greater personal control over healthcare management and expenses
  • Prepare for qualified medical expenses
  • Earn competitive interest on entire balance
  • Interest computed daily based on collected balances
  • An HSA provides triple tax savings:
  • Tax deductions when you contribute to your account
  • Tax-free earnings through investment
  • Tax-free withdrawals for qualified medical, dental, vision expenses, and more*
  • Contributions are tax-free and can be made by you, your employer, or a third party**
  • Funds can be withdrawn at any time***
  • Direct check writing capabilities
  • No monthly service fee
  • No minimum balance requirements
  • Unused funds remain in account year after year; no "use it or lose it" policy
  • Keep your HSA in your name, regardless of career or life changes
  • Federally insured by FDIC
  • No minimum deposit to open

View our current rates.

*Consult a tax advisor.

**When used for qualified medical expenses. Consult a tax advisor. Qualified expenses include most medical care and services, dental and vision care, weight loss programs, some over the counter medications, mileage, and more.

***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 However, if funds are withdrawn for reasons other than qualified medical expenses, the amount withdrawn will be included as taxable income, and is subject to a 10% penalty

Eligibility

You are eligible for a regular HSA contribution if, in any month, you:

  • Are covered under a high-deductible health plan (HDHP) on the first date of such month;
  • Are not also covered by any other health plan that is not an HDHP (with certain exceptions for plans providing preventive care and limited types of permitted insurance and permitted coverage);
  • Are not enrolled in Medicare; and
  • Cannot be claimed as a dependent on another individual's tax return