Health Savings Accounts
Community First's Health Savings Account is a tax-advantaged personal savings or investment account that you can use to save and pay for qualified healthcare expenses, now or in the future. It must be paired with a High Deductible Health Plan (HDHP) and is a powerful financial tool that empowers you to be more actively involved in your healthcare decisions. An HSA has the unique potential to offer triple tax savings through:
- Pre-tax or tax-deductible contributions to the HSA
- Tax-free interest or investment earnings
- Tax-free distributions, when used for qualified medical expense
We recommend consulting your tax advisor before opening an HSA. Maximum annual contributions are set by the Internal Revenue Service.