Health Savings Accounts (HSAs)

Health Savings Accounts (HSAs) were created in 2003 to help people save for qualified medical expenses. HSAs allow you to provide a source of funding for any future medical expenses not covered by your insurance and, at age 65, any unused funds can even be applied to your retirement. Additional benefits include: tax-deductible contributions,* tax-free withdrawals* and account portability.


To qualify to open a HSA, you must:

  1. Be under 65.
  2. Be covered by a qualified High Deductible Health Plan, not covered by either another health insurance carrier or enrolled in Medicare.
  3. Not be claimed as a dependent by another person.


Contributions made with pre-tax monies giving you 100% tax deductibility. Contributions can be made by you, a family member, an employer or just about anybody willing to give you money. HSAs allow people an unprecedented contribution schedule as well, including lump sum contributions once a year. "Catch up" contributions are also allowed for individuals who open accounts after the age of 55.


While earnings accumulate tax-deferred, withdrawals for qualified medical expenses to cover you, your spouse or your dependents are all tax-free. Whatever funds aren't used, can be used to supplement your retirement.

Other Benefits

In addition to the flexible contribution schedule, HSAs offer these perks:

  1. HSAs allow you to opt for a higher deductible with your own insurance, resulting in a lower insurance premium.
  2. These accounts stay with you even if you change jobs.
  3. Spouses can inherit the account with no tax consequences.

Open Your HSA* Account Today!

Call us at 888-800-3328, or stop by any branch.

View Current Rates

See a list of frequently asked questions regarding HSAs.


* One HSA per member. No minimum balance. Inherited accounts are still considered HSAs and are subject to no tax consequences unless unqualified withdrawals are made. Not intended as tax advice, please consult your tax advisor for details.

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