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A health savings account is a tax-advantaged savings account you can use to pay for eligible medical expenses, including deductibles, co-insurance, prescriptions, vision expenses, dental care, and certain health-related purchases.
When combined with a high-deductible health plan, HSAs offer savings and tax advantages
that many traditional health plans can’t match.
HSA Savings
There are three key tax benefits to a Health Savings Account (HSA). Money goes into and comes out of an HSA tax-free (as long as funds are used to pay for qualified medical expenses).
* Federal tax savings are available regardless of your state. State tax savings may not be available in every state. Cogent Bank does not provide tax advice. Consult your tax professional for tax-related questions. For more information concerning state taxes, please consult with your State Department of Revenue.
Health Savings Accounts come with the same easy-to-use features as many of our other personal accounts, including:
Whether it’s a traditional IRA with tax-deferred earnings until withdrawal, or a Roth IRA which offers after-tax contributions with tax-free and penalty-free withdrawals on those contributions2, Cogent Bank is prepared to help you select the right account for your unique situation.
Save for retirement with tax advantages¹
¹Subject to some minimal conditions. Consult a tax advisor. 2If you take a distribution of Roth IRA earnings before you reach age 59 1/2 and before the account is five years old, the earnings may be subject to taxes and penalties unless you have a qualified distribution exemption (such as a qualified educational expense, disability, or first-time home purchase up to a $10,000 lifetime maximum), subject to limitations.
It’s never too early to open an IRA, a tax-efficient way to save for retirement.
Whether you’re just starting out in your career or nearing its end, our tax-advantaged savings accounts for health and retirement can reduce your tax burden while helping you prepare for your future—or the unexpected.
Our team of account specialists can help guide choose the right account for your needs. Contact or visit one of our Banking Centers to learn more about our HSA and IRA retirement account options today.
in Total
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in PPP Loans to
2,188 Businesses
Banking Centers
Throughout Florida
A tax-advantaged account is a savings account that offers special tax benefits to help you save for retirement, healthcare expenses, or education. Depending on the account type, contributions may be tax-deductible, earnings may grow tax-deferred, or qualified withdrawals may be tax-free. Cogent Bank offers tax-advantaged savings solutions, including Individual Retirement Accounts (IRAs) and Health Savings Accounts (HSAs), to help you reach your long-term financial goals.
Cogent Bank offers:
– Individual Retirement Accounts (IRAs)
– Health Savings Accounts (HSAs)
These accounts are designed to help individuals save for retirement or qualified healthcare expenses while taking advantage of potential tax benefits.
An IRA is a retirement savings account that provides tax advantages while helping you prepare for your future. Depending on the IRA you choose, contributions may be tax-deductible, and your investments can grow tax-deferred until retirement. IRAs can be an important part of a long-term retirement strategy.
A Health Savings Account (HSA) allows eligible individuals enrolled in a qualified high-deductible health plan (HDHP) to save money for qualified medical expenses using pre-tax dollars. HSAs may offer tax-deductible contributions, tax-free earnings, and tax-free withdrawals for eligible healthcare costs.
An IRA can help you:
– Save consistently for retirement
– Benefit from potential tax advantages
– Allow investments to grow tax-deferred
– Build long-term financial security
– Supplement employer-sponsored retirement plans
HSA funds may be used for many qualified medical expenses, including:
– Doctor visits
– Prescription medications
– Dental care
– Vision care
– Certain medical equipment
– Other IRS-qualified healthcare expenses
Using HSA funds for qualified expenses allows withdrawals to remain tax-free.
Generally, you must:
– Be enrolled in a qualified High Deductible Health Plan (HDHP)
– Not be enrolled in Medicare
– Not be claimed as someone else’s dependent
Eligibility requirements are determined by IRS guidelines and may change annually.
Yes. Deposit accounts offered through Cogent Bank, including eligible IRA and HSA deposit accounts, are FDIC insured up to applicable federal limits, providing added security for your savings.
Yes. In many cases, you can transfer or roll over funds from another eligible retirement account into an IRA at Cogent Bank without triggering taxes or penalties when completed according to IRS rules. A Cogent Bank representative can help guide you through the rollover process.
Tax-advantaged accounts encourage long-term saving by allowing your money to potentially grow more efficiently than in taxable accounts. Whether you’re starting early or catching up later in life, an IRA can become an important component of your retirement strategy.
Eligible deposit accounts can be conveniently managed through Cogent Bank’s Digital Banking services, allowing you to view balances, monitor account activity, and access your accounts securely from your computer or mobile device.
t depends on your financial goals.
An IRA is designed specifically for retirement savings and offers valuable tax advantages, while a traditional savings account provides easier access to your money for short-term financial needs. Many customers choose to use both as part of a balanced savings strategy.
Yes. Many individuals qualify to contribute to both an IRA and an HSA. Because they serve different purposes—retirement savings and healthcare expenses—they can complement one another as part of a comprehensive financial plan.
Cogent Bank combines personalized service with convenient banking tools to help you build a stronger financial future. Whether you’re saving for retirement or planning for future healthcare expenses, our experienced bankers can help you select the account that best aligns with your financial goals.
Opening an IRA or HSA is simple. Visit your nearest Cogent Bank banking center or contact one of our personal banking specialists to discuss your financial goals, determine eligibility, and complete the account opening process.