Health Savings Account
Life happens – and so do health expenses. So, if you, your spouse, or your dependents are under a High Deductible Health plan, get an account designed exclusively for paying for your qualified medical expenses with a Health Savings Account.
What to know
- Interest is compounded and credited monthly
- Debit cards are not available for this type of savings product
- IRS sets annual limits on maximum contributions
Why it’s great
- Expenses covered include medical, dental, and vision care
- The interest you earn is tax deferred and may be tax free*
- Contributions may be tax deductible, depending on who makes the contribution*
- You or your employer may make contributions to your HSA
- May be set up as a Family HSA or Single HSA type of account
- No “use it or lose it” rule
- No monthly service fee
- Available in savings and CD options
Frequently Asked Questions
How do I qualify?
You may qualify if you have a qualified High Deductible Health Plan through your employer or spouse or have purchased one on your own.
What expenses are considered qualified?
Medical, dental, vision care, and prescription costs. For a complete list of IRS qualified expenses, go to www.irs.gov/pub/irs-pdf/p502.pdf
May I have a debit card on this account?
No, we do not offer debit cards for HSA accounts. We will give you a set of starter checks and you may order more checks when needed.
What if I use my account for a non-qualified expense?
Consult if a qualified tax consultant for details.
Do I have to pay the expense directly from the account, or can I repay myself later?
You may use this account to repay yourself for any qualified expenses.
Do I lose funds I have contributed at the end of the year?
No, there is no "use it or lose it" rule. The fund will roll from year to year.