Waldo State Bank offers a health savings account, or HSA, as a tax-advantaged medical savings account option for our customers.
*Contact Waldo State Bank for current rates.
Opening a Health Savings Account is a strategy to save both now and for the future. Not only does a HSA help cover medical expenses now, but they also help cover the out-of-pocket costs of health care during retirement. The average American couple retiring in 2019 could spend $285,000* on health care during retirement. With health care costs on the rise, it is never too early to start offsetting future expenses. A Health Savings Account helps fill the coverage gap by allowing qualifying medical expenses to remain tax-free even if the reimbursement is in the future.
After the age of 65, you can withdraw funds from your HSA for any purpose and utilize the account like you would a 401(k) without a penalty. Normal tax laws apply if not used for covered medical expenses.
Contact us to learn if you are eligible for a Health Savings Account!
*Based on a healthy, 65-year-old couple according to Fidelity's annual Retiree Health Care Cost Estimate. Apr. 2, 2019.Contact