Click on the yellow box above to access online banking.


Benefits of an HSA:

• You own your health savings account and have   complete control over the money.

• Contributions are tax deductible, withdrawals are   tax free and earnings are tax deferred as long as they are used for qualified medical expenses.*

• Funds roll over from year to year, if unused.

There is no “use it or lose it” rule.

• Your deposits earn interest and continue to grow   over time.

• Flexibility to pay current medical expenses or save for   future needs.

• Your money stays with you even if you switch jobs,   change medical coverage, become unemployed or retire.

Flexible, tax free, and yours when you need it.*


Advantages of a Biddeford Savings HSA:

Easy to Fund: No minimum balance requirement and no minimum deposit.

• Easy to Use: The Biddeford Savings debit card is a simple way to pay for health care costs from your account. HSA checks are also available.

• No Maintenance Fees: There are no monthly or annual service charges or set up fees for a Biddeford Savings HSA!

• Free 24/7 Online Account Access: Our secure website gives you access to your account balance and transaction history with free online banking. Pay bills for qualified medical expenses

with free online bill payment.

Paper or Electronic Statements: Quarterly and year end statements. Available by mail, email or online.

• Easy to Contribute: Contribute via payroll deduction, at the bank, online or by mail! Includes the ability to accept contributions from your employer.

Ability to Grow Your Balance: A Biddeford Savings HSA is FDIC insured and has tiered interest rates. The more you deposit, the more you can earn!



What is a Health Savings Account (HSA)?

A Health Savings Account (HSA) is a tax-exempt savings plan for people with high deductible health care plans. With an HSA you can put money aside to save for future medical expenses. There are certain advantages to putting money into an HSA, including favorable tax advantages. You control the money, deciding on how to spend it on your health care needs. Whatever you don’t spend is yours to keep, forever.

Is a Health Savings Account Right for You?

You may want to consider an HSA if:

• You’re currently participating or are thinking of participating in a high-deductible health plan (HDHP).

• You’re self-employed or self-insured and want a cost effective HDHP health insurance solution that will help you build financial security.

• You’re a business owner and want to offer a HDHP alternative to your employees. An HSA may help lower your overall health insurance costs.

What is a High Deductible Health Plan?

A high-deductible health plan (HDHP) is a type of health insurance plan that offers lower monthly premiums than more traditional plans like PPO’s or HMO’s in exchange for a higher deductible.

Who is Eligible for a Health Savings Account?

Your are eligible for an HSA if you:

• Are covered under a qualified high-deductible health plan (HDHP) on the first day of the month**;

• Are not enrolled in Medicare (generally not yet age 65);

• Are not able to be claimed as a dependent on another person’s tax return; and

• Are not covered by a non-HDHP that provides any   benefit that is also covered by your HDHP.




*Any person considering opening a Health Savings Account should consult a tax advisor first to determine the tax consequences of doing so.

**Always check with your insurance provider to be certain that the high deductible health plan you are considering is HSA qualified.