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.

Summary
  • 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.

Eligibility
  • 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