A Health Savings Account (HSA) is a tax-advantaged medical savings account available to individuals who are enrolled in a high-deductible health insurance plan.
- No minimum balance requirements
- $2 monthly service charge
- Monthly interest paid on ledger balance
- Free HSA debit card
- Free monthly statements (electronic or paper) with check images
- Accounts are portable, even if you change jobs, marital status, medical coverage, or move
- Contributions are generally tax deductible
- Tax free earnings/withdrawals
There are certain eligibility requirements by the IRS to open and maintain HSA accounts. You can visit the Department of Treasury’s website for additional information on Health Savings Accounts.
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