Health Savings Account (HSA)
Pegasus Bank is proud to partner with UMB|Healthcare Services to provide a competitive Health Savings Account (HSA) option to maximize the power of your dollars when it comes to paying for health care and medical needs.
Why open an HSA?
Your Pegasus Bank HSA, provided by UMB, helps you take control of your health care spending:
- Own It: The money in your HSA is always yours, even if you change jobs, switch your health plan, become unemployed, retire or move to another state.
- Grow It: Your unused HSA balance rolls over from year to year.
- Save It: HSAs have tax-free deposits, tax-free earnings and tax-free withdrawals.
- Choose: Use your funds for current expenses, save for the future or explore investment options.
*States can choose to follow the federal tax-treatment guidelines for HSAs or establish their own; some states tax HSA contributions. If you have questions about your tax implications, consult your tax advisor.
How do you use your HSA?
Using your HSA goes beyond paying for bills. An HSA is a great place to build up savings for expenses you have today or will have in the future. If you can afford to pay bills out of pocket and save the money in your HSA for the future, then your HSA balance will grow through interest and investment earnings. That way you'll have more money for expenses when you need it most - whether that's a year from now or in your retirement.
Most medical expenses are covered, including:
- Doctor visits
- Hospital charges
Other eligible expenses include:
- COBRA premiums
- Qualified long-term care insurance premiums
- Medicare premiums
- Health plan coverage (if you are receiving federal or state unemployment benefits)
Setting up your Pegasus Bank Health Savings Account (HSA) takes just a few easy steps, and you’ll be on your way to saving money for your current and future health and medical needs.
Click here for complete enrollment details, eligibility requirements and to start the enrollment process.
Click here for more information on HSA contribution options.
Click here for more information on HSA investment options.