Health Savings Account or Traditional Health Plan? | Bangor Savings Bank

Health Savings Account or Traditional Health Plan?

Print viewPrint view

Health Savings Accounts (HSA) offer an opportunity for you to build tax-free savings to pay for current and future qualified medical expenses. Used in conjunction with a High Deductible Health Plan (HDHP) a high-deductible plan may cost less overall than making monthly premium payments to a traditional health plan and making co-payments when you require medical care. If you use the HSA/HDHP method, you'll pay some of the initial medical costs out of your HSA, up until you meet your HDHP deductible. A traditional health plan would pay for most of those up front, after a more modest deductible. Which method is best for you depends on your medical care needs and the HSA/HDHP and Traditional Plan options available to you.

Insurance products are not deposits or other obligations of, or guaranteed by the bank, or an affiliate of the bank. Insurance products are not insured by the FDIC, or any other agency of the United States, the bank, or any affiliate of the bank. Insurance products may involve investment risk, including the possible loss of value.
Insurance products are offered through Bangor Insurance, a division of Bangor Savings Bank.