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Health Savings Accounts (HSAs)

Be Prepared for Future Medical Expenses with an HSA from Putnam Bank

Even with insurance, paying for health care is a major expense that has increased over time. However, having a health savings account (HSA) from Putnam Bank in conjunction with a high-deductible health plan can help cover the costs of any medical expenses for you or your family.

HSAs were created by the government to help combat the increase in health care costs. Working much like an IRA, HSAs can be used to pay for qualifying medical expenses if you haven’t yet reached your deductible or out of-pocket maximum with your health insurance plan.

Contributions can be made by both you and your employer, pre-tax, and also whenever you like up to the maximum contribution for the year ($3,350 for individuals and $6,750 for families for 2016, plus HSA owners ages 55+ are eligible for $1,000 catch-up contribution). The amount rolls over from year to year, so you are not penalized for not using the money you’ve saved.

Start an HSA online with Putnam Bank. If you have further questions about an HSA with Putnam Bank, our staff would love to help. Simply call or come by any of our offices!

Putnam Bank offers HSAs with:

  • No Service Fee                    
  • Competitive interest rates
  • No minimum balance requirements
  • Direct Deposit                          
  • Free printed checks
  • Free debit card for all individuals covered under the plan

Health Savings contribution limits apply and are subject to change. Consult Tax Advisor. Qualified High Deductible Health Plan required. Other fees, terms and conditions may apply.