Health Savings Accounts
Open a HSA (Health Savings Account) to start saving for future medical expenses, feel financially secure, and get tax benefits!
What is a HSA?
A Health Savings Account (HSA) combines the protection of health insurance with a tax-advantaged savings account. Because you fund the HSA with pre-tax money, you're using tax-free funds for healthcare expenses you'd normally pay for out-of-pocket. Your HSA contributions don't count toward your taxable income for federal taxes. They're not taxable in most states, as well.
- Designed for people with high deductible health plans designed to cover medical expenses
- No Monthly Fees
- Contributions can be made through Direct Deposit or in a Branch
How Can I Use it?
- Swipe your HSA MasterCard Debit Card
- Write a Check
- Utilize our Online BillPay Service
- Visit a Branch to withdrawal funds
What Can I Use it For?
- Doctor's Office Visits
- Dental Services
- Eye Exams, Eyeglasses, Contact Lenses and Solution, and Laser Surgery
- Hearing Aids
- Orthodontia, Dental Cleanings, and Fillings
- Prescription Drugs and some over-the-counter (OTC) medications
- Physical Therapy, Speech Therapy, Chiropractic Visits
Every time you use your HSA, save your receipts in case the IRS asks you to prove that your claim was for a qualified expense. If you use HSA funds for a non-qualified expense, you'll pay tax and penalty on the ineligible amount.
Visit one of our branches to open an HSA today!
| 2023 Health Savings Limits | ||
|---|---|---|
| Single Plan | Family Plan | |
| Maximum Contribution Limit | $3,850 | $7,750 |
| Catch-Up Contribution (55+) | $1,000 | $1,000 |
| High Deductible Health Plan Minimum Deductibles | $1,500 | $3,100 |
| High Deductible Health Plan Maximum Out-Of-Pocket Amounts | $7,500 | $15,000 |
