Looking for a way to save money for individual and family medical expenses? An HSA is a tax-exempt savings account established specifically for the purpose of paying current and future qualified medical expenses.
Our Health Savings Accounts offer these great features:
- Free interest-bearing checking account
- Free Visa® Check Card
- Free Internet Banking with Bill Pay
- Free bank logo checks
- Protect yourself against high or unexpected medical bills.
- Pay for current medical expenses or save for future needs.
- Make tax deductible contributions and tax-free withdrawals
- Grow your account through balance-tiered, tax-free interest earnings.
- Rest easy knowing that there are no “use it or lose it” rules; it is completely portable if you need to relocate.
Any adult can contribute to an HSA if they:
- Have coverage under an HSA-qualified "high deductible health plan" (HDHP)
- Have no other first-dollar medical coverage (other types of insurance like specific injury insurance or accident, disability, dental care, vision care, or long-term care insurance are permitted).
- Are not enrolled in Medicare.
- Cannot be claimed as a dependent on someone else's tax return.
You can use the money in your HSA account any time, free from federal income tax, to pay for qualified medical expenses of yourself, your spouse, or your dependent children, even if your family is not covered by your HDHP.
For more information
Although we cannot provide legal or tax advice, our team of experienced bankers can answer any questions you might have regarding your HSA.
The Department of the Treasury has additional information about Health Savings Accounts on its website, http://www.treas.gov
. You may also wish to consult your tax accountant for more guidance.
Withdrawals other than for qualified medical expenses may have negative tax consequences. Please consult your tax advisor for more information. Contributions are limited annually.