Health Savings Account

What is a HSA?

A Health Savings Account (HSA) is a tax-favored consumer savings account for individuals and families covered by High Deductible Health Plans(HDHP).

HSA's allow for tax-deductible contributions and tax-free distributions when used for qualified medical expenses.

Benefits

  • Lower your health insurance premiums with higher deductible health insurance coverage.
  • Protect yourself from large or unexpected medical bills.
  • Tax Savings:
    • Earn tax-free interest
    • HSA contributions are tax deductible
    • You may take tax-free withdrawals for qualified medical expenses
  • Increased flexibility on what the HSA funds can be used to cover.
  • HSAs are portable, even if you change jobs, marital status, become unemployed, change medical coverage, or move to another state.
  • Funds remain in your HSA until you use them; there is no use it or lose it rule.

Am I Eligible?

  • Covered under a High Deductible Health Plan (HDHP).
  • Not enrolled for benefits under Medicare
  • Not eligible to be claimed as a dependent on another person's tax return.
  • Can be Sole Proprietor or self-employed.
You are not eligible if covered by any other health plan that is not a HDHP with limited exceptions.

Qualified Expenses

In order for HSA assets to remain tax-free they must be withdrawn and used for certain expenses, including:

  • Actual medical expenses such as doctor visits, prescriptions, and dental care
  • Long-Term Care Insurance
  • Healthcare coverage when unemployed
Get a complete list of qualified expenses from your HDHP provider.
Personal Health Savings Account Details
Health Savings Account
Minimum Balance Required:
$2,500
Monthly Fees:
$5 per month, waived if min. balance maintained
Checks:
Available for purchase
Interest:
Interest earned on a tiered level on balances $2,500 and above
ATM Access:
No fee on Privileged Status network machines
Debit Card/Photo Debit Card:
N/A
Internet Banking/Online Bill Pay:
N/A

Contact us to learn more.