Health Savings Account (HSA)

An HSA is an effective way to provide for your physical health and financial health while reducing your tax payments. That's three life-changing benefits packed into one simple account.

Start saving now to reap the most tax benefit. And the next time you need medical care, you'll have the funds set aside.

  • Contributions are tax free or tax deductible*
  • Interest grows tax free
  • Withdrawals are tax free when used for qualified medical expenses**
  • Money rolls over year-to-year automatically
  • HSA is owned by you, not employer
  • Low $25 annual fee
  • Easy withdrawal access by check, online, teller
  • $25 minimum deposit to open
  • FDIC insured

See our current interest rates.

*Direct deposit contributions from paycheck mean that portion of your income is not taxed. If contributions are made after income was taxed, the amount deposited is tax deductible.

**Withdrawals for non-qualified medical expenses are subject to income tax and a 10% penalty. The 10% penalty is waived for persons 65 and over or who have become disabled.

  • Must be covered under a qualified, high deductible health plan
  • Must not have coverage by another type of health plan
  • Cannot be claimed as a dependent on another person's tax return
  • Cannot be enrolled in Medicare

Contribution Limits

Contribution limits are set by the IRS. Current 2011 contribution limits are:

  • $3,050 for a single person
  • $6,150 for a family
  • A person age 55 or older may make an additional $1,000 in "catch-up" contributions