Health Savings Account
Health Savings Account
You got this.
A Health Savings Account (HSA) is a way to pay for medical expenses. It’s a tax-deductible savings account that helps pay for costs associated with your high deductible health plan (HDHP)1. Unlike a flex account offered by many employers, a HSA is not a ‘use it or lose it’ option; any money not used for medical expenses is yours to keep. That’s good, since it’s yours to begin with...
How Does An HSA Work?
The amount you pay into an HSA comes out of your paycheck before taxes. You can change this amount at any time. Employees, employers, spouses, parents, children and friends can contribute to an HSA.
How Can I Use The Money?
- > Medical, dental and vision expenses
- > Medications and prescriptions
- > Long-term insurance
- > Health insurance while receiving unemployment benefits
- > Pay your qualified expenses with a HSA debit card, through online BillPay, or through the reimbursement option
2022 Contribution Limits
| Self-Only | $3,650 |
| Family | $7,300 |
| 55+ 'catch-up' | $1,000 |
Good-To-Know HSA Details
- > $25 minimum to open
- > No minimum balance
- > No annual fee
- > Only withdrawals for qualified medical expenses are tax-free
- > Expenses paid out of a non-HSA source are reimbursable up to the HSA balance
- > Keep all receipts in case you’re audited by the IRS
- > Non-medical expenses are taxable and can be penalized
1. Consult a tax advisor regarding tax deductibility or for more information related to tax filing. ^ Back to top
Just for you
Debit On/Off
Lost your debit card? Don't sweat it. Turn it off in a snap, or in this case a slide. Simple, quick and best of all it's free in our Mobile Banking App. Learn More
Open an account in no time
We know your time is valuable. That’s why we made account opening easier than creating that latte. Refreshing. Learn More
Community matters
We understand that the strength and livelihood of where we live depends on the commitment of its residents. That is why community matters to us. Learn More