What is a Health Savings Account?

You can check with your employer benefits manager or health insurance provider. Then give us a call. We’re here to help.

Typical distribution options are by Debit Card, check, or in the bank lobby. Distributions not used for qualified health related expenses are subject to taxation and may be subject to IRS penalty.

Each year, the IRS establishes minimum deductible amounts for both individual and family medical plans to qualify as a High Deductible Health Plan. To view the current minimum deductibles, visit the IRS website.

It is typically a checking account opened to pay health-related expenses with tax-free funds.

 

Learn more and compare Health Savings Account options.

We offer two Health Savings Account options. Both are interest bearing HSA checking accounts that include a free Debit Card and Mobile App or Online Banking access to easily manage your account.

Learn more and compare Health Savings Account options.

If you’re eligible, you may contribute up to the limit established by the IRS for individual or family coverage.

Also, as an eligible individual, you may contribute an extra ‘‘catch-up’’ amount from age 55 until you’re enrolled in Medicare. However, eligible spouses may not contribute their ‘‘catch-up’’ amounts to the same HSA. Instead, each must have their own HSA. You may make contributions in the current year for the previous year if you’re eligible and if your contribution is made by the tax-filing deadline (excluding extensions).

To view the current contribution limits, visit the IRS website.

If you’re eligible, you may contribute up to the limit established by the IRS for individual or family coverage. An employer may contribute for their eligible employees within the same dollar limitations. These limits apply whether contributions are made by you, your employer or a combination of both. Contributions may accumulate from year to year. (Special rules apply if you do not remain eligible and the year you enroll in Medicare).

To view the current contribution limits, visit the IRS website.

To contribute, the owner of a Health Savings Account (HSA) must have a High Deductible Health Plan (HDHP) and must not be covered by any Health Plan that is not an HDHP, not be claimed as a dependent on another’s tax return and not be enrolled in Medicare.*

*Other criteria may apply. Consult your Health Insurance Provider to be certain you are eligible for an HSA. The Bank does not determine your eligibility.

Contributions made by you are tax deductible. Similarly, contributions made by your employer are tax deductible to them and are excluded from your gross income. Distributions used for qualified medical expenses are free from Federal income taxes, if the expenses are not taken as an itemized deduction.