Health Savings Account (HSA)
Camden National Bank is one of the first banks in Maine to offer this innovative new way to meet your medical needs.
Following the advice of your tax advisor, you may find that this new account will allow you to tuck away savings to help pay for health care expenses not covered by insurance, including your annual deductible. The money you put in your Health Savings Account (HSA), and the interest it earns, may not be taxable*.
If you change jobs or health plans your HSA can move with you. Unlike medical reimbursement accounts, the balance of an HSA rolls over from one year to the next. Best of all, your HSA comes with a debit card and check writing access - making it easy for you to access your money whenever you want.
- $25.00 minimum to open
- Interest compounded daily and credited monthly
- FDIC Insurance up to the maximum allowed by regulation
- No monthly service charge
- One-time set up fee of $15.00
- Each tier has an associated variable interest rate; the higher your balance, the more you earn
Please consult your tax advisor to determine your eligibility for this account and any tax implications it may have.
