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Health Care Costs a Pain in Your Pocketbook?

By Randy Alderman

Introducing a Better Way to Manage Your Medical Expenses: The Health Savings Account

Health care costs continue to climb for employers and employees alike, with no relief in sight. Now there’s a new solution to help both sides ease the financial burden – a Health Savings Account (HSA) from Bradford National Bank.

   A Health Savings Account is fairly basic in nature – you, or the owner of the account, place pretax funds in a private investment account. Contributions to this account can be made by individuals, employers, or both. As money in your HSA accumulates, you can withdraw funds (also tax-free) to help handle your qualified medical expenses. Plus, you earn interest on the balance!

   You can apply HSA funds toward almost any health care need, whether it’s offsetting deductibles, paying for prescriptions, covering preventive care, or settling other out-of-pocket medical bills. HSAs are quickly becoming the preferred complementary program to today’s High Deductible Health Plans (HDHP). Many employers now package HSAs with their benefits program, and individuals can open their own account as well, independent of their insurance provider or their employer. You can even use HSA money to pay for the health care expenses of your spouse and dependent children who aren’t covered by your HDHP.

The Benefits of a Bradford National Bank HSA

   Now Bradford National Bank offers you all the convenient and cost-saving features of a Health Savings Account! Whether you’re looking for a new incentive for your employees or a private account for your family, you can count on Bradford National Bank for a solution to all your HSA needs.

Here’s what an HSA offers:

· The freedom to pick and choose HSA expenditures on qualified medical expenses

· Conveniently pay for qualified expenses with a check or debit card

· A great addition to an employee benefits package

· HSA contributions are tax-deductible

· Interest earned on an HSA is tax-free

· Withdrawals for qualified medical expenses are tax free

· Unused funds and interest are carried over to the next year

· The HSA is a personal account that is under your name, even when you change plans, employers, or retire

   Your HSA is administered by Bradford National Bank, not a third party.

   HSAs truly benefit everyone involved and help curb the growing health care challenges. We’re proud to offer you this incredible new program so you can meet today’s medical costs. Discuss your options with a Bradford National Bank representative today!

   For more information on HSAs and how you can benefit, please see any of our customer service representatives in Greenville, Highland, or Marine.

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