Health Savings Accounts

A Health Savings Account is a tax-favored savings account created for the purpose of paying qualified medical expenses. A Health Savings Accounts is used in conjunction with a high deductible health plan (HDHP) and allows you to:

  • Save more by depositing the funds that you would have paid for insurance premiums into your Health Savings Account.

  • Spend less by investing in a high deductible health plan that can cost less than a traditional health plan. .

  • Make tax deductible contributions into your Health Savings Account.

  • Plan ahead for future medical expenses while using your pre-tax HSA funds for current medical expenses that your insurance may not cover, like vision and dental expenses (see IRS publication 502).

  • Enjoy the peace of mind of knowing that your HSA funds are 100% yours. Funds stay with you even if you change employers or leave the workforce. The contributions remain in your account from year-to-year until you use them.

We Make Health Savings Easy!

Visit your branch for easy enrollment. Your Health Savings Account is an interest-bearing account. A Health Savings Account can be opened with a deposit of just $10.00, with an additional $2.50 monthly maintenance fee. A free Health Savings Account debit card, online banking and bill pay are available. If you prefer to write checks, there are no per check charges; account holder purchases checks. Free e-statements are included with imaged checks.

Who Qualifies for a Health Savings Account?

Any eligible individual who on the first day of a given month is:

  • covered under a high deductible health plan

  • not covered by any health plan that is not an HDHP

  • not enrolled in Medicare

  • not eligible to be claimed as a dependent on another person's tax return