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What is an HSA?
Health Savings Account (HSA) is a tax-advantaged medical savings account available to taxpayers in the United States who are enrolled in a High Deductible Health Plan (HDHP). The funds contributed to the account are not subject to federal income tax at the time of deposit. Unlike a Flexible spending account (FSA), funds roll over and accumulate year over year if not spent. HSAs are owned by the individual. Funds may be used to pay for qualified medical expenses at any time without federal tax liability. Withdrawals for non-medical expenses are treated very similarly to those in an IRA account in that they may provide tax advantages if taken after retirement age, and they incur penalties if taken earlier.
Welcome to Fifth Third Bank Health Savings Account (HSA)! As an Essential Care/Rx Plan Customer, the Fifth Third Bank HSA one-time enrollment fee of $15.00 and the monthly service fee of $3.00 are waived. The only fees that apply to Essential Care/Rx Plan Customers are the standard bank and investment fees, which you can access by clicking here.
The Fifth Third Bank HSA is a deposit account that is FDIC-insured and earns a competitive interest rate. The account includes a debit card, online receipt storage, transaction management and reporting tools and can be opened and funded completely online. Fifth Third Bank also provides account holders with a dedicated HSA support center available to assist you Monday through Saturday.
To begin your enrollment and learn more about Fifth Third Bank's HSA click here.