Health Savings Accounts (HSA)
Your HSA works just like a regular checking account. You can either write a check or use your debit card to pay for qualified medical expenses. Statements can be mailed or viewed online, and you’ll receive a year-end report for tax purposes. Your account features:
- Free Debit Card
- Free First Set of Checks
- Free Internet Banking
- Monthly e-Statements
- Earn Interest
- Year-End Report
Advantages of Health Savings Accounts
- Cost Savings – Although the deductibles generally are higher, premiums for HSA-compatible high deductible health plans are usually much lower than premiums for other health plans, creating cost savings for covered individuals and employers.
- Tax Advantage – HSA savings are tax-free if used to pay for qualified medical expenses.
- Covers Wide Range of Expenses – HSA assets can be used to pay for a wide range of medical expenses, including medical, dental, and vision care.
- Flexibility – HSA owners control their HSAs and make all decisions about whether to pay health care expenses from the HSAs or save the assets for future medical expenses.
- No “Use It or Lose It” Rule – Unlike flexible spending account (FSAs), HSA assets not used during a tax year are not forfeited; the assets remain in the HSA to be used by the HSA owner in the future.
- Portability – HSA owners may move their HSA assets to another financial organization, even if the contributions were made by their employers.
Rates are accurate as of April 17, 2019
|Account Type||Minimum Deposit to Open Account||Minimum Balance to obtain APY*||APY*||Interest Rate|
|Health Savings Account||$50.00||$1,000.00||.10%||.10%|
*Annual Percentage Yield