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Health & Retirement

Save For Qualified Medical Expenses

Healthcare costs often come up unexpectedly. Even if you have insurance, you still may be responsible for paying for specific items that either aren’t covered or amount to less than your deductible. A Health Savings Account (HSA) can be a valuable tool to help you pay when you're faced with unexpected healthcare expenses. Prevail Bank offers HSA checking accounts, which include a debit cards to make transactions easier.

To learn more about either of these options, please stop in to your local Prevail Bank office to speak with a member of our team.

Health Savings Account Inquiry View our Rates

What You Should Know About HSAs

  • In order to open an HSA, you must be enrolled in a high-deductible health plan (HDHP)
  • Funds roll over from year to year
  • Withdrawals from the account for qualified medical expenses are tax-free*
  • Interest earnings accumulate tax-deferred*
  • Earnings on transactions used to pay for qualified medical expenses are tax-free*
  • Contributions to your HSA are tax-deductible*

*Consult your tax advisor

Start Saving Smarter for Your Retirement

Are you saving enough for your retirement? If not, it’s never too late to develop a strategy that will allow you to save more effectively so you can live the way you want when your working days are done. At Prevail Bank, we offer multiple Individual Retirement Account (IRA) options to allow you to start saving smarter for your retirement. Choose from a Traditional IRA or a Roth IRA.

To learn more about the various benefits of the retirement accounts available to you, please visit your local Prevail Bank office to speak with our team. Or, if you prefer, you can start our online inquiry to open your IRA.

Retirement Account Inquiry View our Rates

IRA Options Available to You

Whether you choose a Traditional or Roth IRA, there are some common features, including:

  • 2019 and 2020 Contribution Limits Under Age 50: $6,000
  • 2019 and 2020 Contribution Limits Over Age 50: $7,000
  • Available in 6, 12, 18, 24, 36, 48 or 60-month fixed rate Certificates of Deposit (Early withdrawal subject to penalty)
  • Available in a 2-year variable rate certificate
  • Available as savings account(s)
Traditional IRA
  • Any contributions are tax-deferred on your principal earnings until they’re withdrawn*
  • Contributions to the account are tax-deductible*
  • You must have earned income to make a contribution
  • Earnings grow tax-deferred*
  • Withdrawal is required at the appropriate IRS age
Roth IRA
  • Contributions are not tax-deductible*
  • Qualified distributions are tax and penalty-free*
  • Earnings grow tax-free*
  • Contributions can be made at any age as long as certain income requirements are met

*Consult your tax advisor

Calculate Your Retirement Longevity

If you want to make sure you’re saving enough for retirement, our retirement longevity calculator can give you an idea of what to expect.

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