A PerfectHealth Savings Account (PHSA) is a tax-deductible savings account* that works in conjunction with a High Deductible Health Plan (HDHP). The PerfectHealth Savings Account is specifically designed to help pay for qualified health expenses and allows you to build a tax-sheltered nest egg while having the added benefit of allowing a broad range of tax-free withdrawals for qualified medical expenses.
For a list of qualified medical expenses, please refer to IRS Publication 502 at www.irs.gov.
Who Can Have a PerfectHealth Savings Account (PHSA)?
Any adult can contribute to a New York Community Bank PHSA if they:
- Have coverage under a “High Deductible Health Plan” (HDHP).
- Have no other first-dollar medical coverage (other types of insurance like, disability, dental care, vision care, or long-term care insurance are permitted).
- Are not enrolled in Medicare.
- Cannot be claimed as a dependent on someone else’s tax return.
To open your PHSA account, please complete an application and mail to the address indicated.
For more information, please call (800) 552-4395 or visit your nearest branch location.
*Consult your tax advisor for details.