Health Savings Account (HSA)

Tax Advantages
Control Healthcare Costs
Save for Retirement

A Health Savings Account (HSA) from Capital Bank is a great way to save for your health care deductible, while taking advantage of tax savings. This account includes the following:

  • Unlimited Debit Card transactions
  • Tiered interest rates
  • Personalized Health Savings Account debit card
  • No monthly fee
  • Bill pay

If you meet the following criteria in any one month, you are eligible for an HSA:

You are covered under a high-deductible health plan (HDHP) on the first day of that month;
You are not covered under another type of health plan that is not an HDHP (certain exceptions apply);
You are NOT enrolled in Medicare (generally, are under 65 years old);
You may not be claimed as a dependent on another individual's tax return.

Once you have met the HSA requirements, anyone may contribute to your HSA, regardless of your employment status. 100% of your contribution is deductible. Furthermore, the earnings grow tax deferred and all qualified distributions are tax-free. Be sure to consult with your tax or legal professional for guidance.