5 Smart Reasons to Open an HSA—Even if You’re Financially Secure

1. Financial protection for the unexpected

Even the most financially prepared households can feel the impact of surprise medical bills. Emergency surgeries, specialists or out-of-network care can quickly add up, especially if you’re in a high-deductible health insurance plan. A fund dedicated for medical costs—separate from your regular savings—can give you peace of mind so you can avoid tapping into investments, emergency reserves or retirement accounts during a crisis.

2. Payment for a broad range of healthcare costs

An HSA isn’t just for hospital bills. You can use it for dental care, eye exams, glasses/contacts, physical therapy, mental health services, prescriptions and even some over-the-counter medications. For families, that flexibility can be incredibly valuable; having tax-free funds at the ready for anything from braces to dermatology appointments gives you greater control over your healthcare spending.

3. Portability and ownership

While employer-based insurance plans or some retirement benefits may come and go with career changes, an HSA is yours to keep. You own the account, not your employer. That means the funds stay with you despite any shifts in your personal life. This portability makes HSAs an especially attractive long-term financial tool, offering consistent value regardless of where life takes you.

4. Triple tax advantages that other accounts can’t touch

An HSA gives you a rare combination of tax benefits. Contributions are tax-deductible, which reduces your taxable income. Your account grows tax-free through interest or investment earnings. And when you do use the funds for medical expenses, withdrawals are also tax-free. This can make an HSA a truly efficient way to save—not just for healthcare, but as part of a broader wealth strategy.

5. Growing your HSA—now and into retirement

Unlike flexible spending accounts (FSAs), HSA funds don’t expire. You can build your balance year after year. Then once your account reaches a certain threshold, you may be eligible to invest your funds in mutual funds or other options—similar to a 401(k). This means your HSA can follow you into retirement as a savings vehicle specifically for health-related expenses, which tend to increase with age.

Take the Next Step

At Associated Bank, we help clients like you build personalized financial strategies—including smart, flexible tools like health savings accounts. Whether you're thinking ahead to retirement, preparing for family medical needs or simply want to optimize your tax planning, an HSA could be a powerful addition to your portfolio.

Schedule an appointment with your personal banker today to discuss how an Associated Bank HSA can fit into your overall financial wellness strategy.