• High-Deductible Plan + Health Savings Account = ‘Medical Nest-Egg’

    Understanding your options with a Health Savings Account (HSA).

  • A Health Savings Account (HSA) is a great way to save money on health expenses you would normally pay out of pocket. That’s because your annual contributions are tax deductible, so you wind up paying less for any medical expenses paid for with your HSA.

    And if you don’t use your balance by the end of the year, it simply rolls over to the next. That way, you can even use your HSA to build a “medical nest-egg” for retirement. With an HSA at First Niagara, you can:


    • Enjoy easy access to your fund with a debit card
    • Pay no annual fee
    • Avoid the $5 monthly maintenance fee when you maintain a combined checking and/or savings balance of at least $2,500
    • Open an account with an application fee of just $25


    To open an HSA, your current health plan must be a Qualified High Deductible Health Plan (HDHP). Keep in mind, however, that not all high-deductible health plans are considered HDHPs. To be an HDHP, your high-deductible plan must cover all medical expenses 100% after you meet the deductible. The HSA then simply covers the qualified medical expenses you are charged before the deductible is met.

    More information from the IRS

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First Niagara does not provide tax advice. Please consult your tax advisor.

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