Health Savings Accounts

A Washington Trust Bank Health Savings Account (HSA) is a tax-exempt account established for the purpose of paying or reimbursing qualified medical expenses of you, your spouse and your dependents. And contributions to an HSA are tax deductible, the earnings grow tax deferred, and distributions to pay or reimburse qualified medical expenses are tax free.

Open Your Account

Locations

TAX ADVANTAGES

HSAs allow you to make tax deductible contributions. Earnings, including gains, in the HSA are tax deferred. Plus, your distribution (the contributions and earnings you withdraw) are tax free as long as theyíre used to pay for qualified medical, dental, and vision expenses.

FLEXIBILITY IN SPENDING

You can use the money in your HSA to pay for—or reimburse—qualified medical, dental, and vision expenses for you and your family members. Those expenses could include health insurance deductibles, copayments, certain prescription medications, and out-of-pocket expenses.

YEAR-TO-YEAR SAVINGS

Youíve heard the phrase ìuse it or lose it.î Well, an HSA isnít like that at all. Your HSA balance will carry forward year after year, allowing you to budget for your health expenses and build up your savings to cover qualified medical, dental, and vision expenses when the need arises.

INDIVIDUAL OWNERSHIP

An HSA is owned by you, not your employer. So, itís your responsibility to maintain the HSA. Ask a Washington Trust Bank representative for more details.


ACCOUNT HEALTH FLEXIBLE SPENDING ACCOUNT HEALTH REIMBURSEMENT ARRANGEMENT HEALTH SAVINGS ACCOUNT
What type of health plan is required?

Any type of plan

Any type of plan

HDHP required IRS-defined parameters

Who owns the account?

Employer

Employer

Employee

Who can fund the account?

Employee

Employee

Employee, Employer, Others

Can the account accrue interest?

No

Yes (but not typical)

Yes

Do assets carry over or roll over to the next plan year?

Limited

Depends on how the plan is set up

Yes

Is the account portable?

No

No

Yes

Is there a catch-up contribution provision?

No

No

Yes

Additional product information and details for Health Savings Accounts