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Switch Kit
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Health Savings Account (HSA)

Prepare for the rising costs of health care with a Health Savings Account (HSA) - giving you tax-advantaged savings for qualified medical expenses.  An HSA is an effective way to provide for your physical health and financial health while reducing your tax payments. That's three life-changing benefits packed into one simple account.

Start saving now to reap the most tax benefit. And the next time you need medical care, you'll have the funds set aside.

  • No setup or annual fees
  • Contributions are tax free or tax deductible*
  • Interest grows tax free
  • Withdrawals are tax free when used for qualified medical expenses**
  • Money rolls over year-to-year automatically
  • HSA is owned by you, not employer
  • Easy withdrawal access by check, online, teller
  • $50 minimum deposit to open

*Direct deposit contributions from paycheck mean that portion of your income is not taxed. If contributions are made after income was taxed, the amount deposited is tax deductible.  Consult your tax advisor.

**Withdrawals for non-qualified medical expenses are subject to income tax and a penalty. The penalty is waived for persons 65 and over or who have become disabled.

To be eligible for participation in a HSA you:

  • Must be covered under a qualified, high deductible health plan
  • Must not have coverage by another type of health plan
  • Cannot be claimed as a dependent on another person's tax return
  • Cannot be enrolled in Medicare
  • Contribution limits are set by the IRS
  • A person age 55 or older may make additional contributions

To learn more about HSA's, visit the U.S. Department of the Treasury Web site at and click on health savings account.