Health Savings Account (HSA)

Health Savings Account (HSA)

Unfortunately we can't always rely on consistent health throughout our lives, however, we can better count on financial preparedness when health issues arise by establishing and sticking with an HSA.

A tax-advantaged HSA allows you to set aside on your own terms, while earning interest above standard savings. And no matter your life circumstances, your HSA always remains in your control, helping you to benefit from any rollover funds that remain year after year. View Rates


Summary
  • Prepare for qualified medical expenses
  • Earn interest on entire balance
  • An HSA provides triple tax savings:
  • Tax deductions when you contribute to your account
  • Tax-free earnings through investment
  • Tax-free withdrawals for qualified medical, dental, vision expenses, and more*
  • Contributions are tax-free and can be made by you, your employer, or a third party
  • Funds can be withdrawn at any time**
  • $5 monthly service fee if balance falls below $100
  • Unused funds remain in account year after year; no "use it or lose it" policy
  • Keep your HSA in your name, regardless of career or life changes
  • $100 minimum deposit to open

Optional Services

*Consult a tax advisor.

**You can withdraw funds at any time for any purpose. However, if funds are withdrawn for reasons other than qualified medical expenses, the amount withdrawn will be included as taxable income, and is subject to a 10% penalty.

***A $5.00 inactivity fee will be charged to your account if you do not pay at least one bill during the month. The inactivity fee is waived the first 3 months after enrolling for bill pay

****$15 one-time setup fee

Eligibility

Most adults under 65 who are not enrolled in Medicare and are covered under a high-deductible health plan (HDHP) can qualify for an HSA, but it is up to the account holders to determine their own eligibility. Please contact your tax advisor for further eligibility requirements.