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.
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