Health Savings Account

A Health Savings Account (HSA) is a tax-advantaged account that can be established by eligible individuals covered under a high-deductible health plan to save and pay for qualified medical expenses. Examples of qualified expenses include co-pays, hospital visits, prescription drugs and some insurance premiums such as long-term care insurance.

Contributions made on your behalf are fully tax-deductible, earnings are tax-deferred and distributions used to pay for qualified medical expenses are tax-free, regardless of your income.*

A key benefit of an HSA is that the contributions you make belong to you with no spending deadline. All unused contributions stay in your account, earning tax-deferred interest.

IRS Requirements for 2013 Single Family
Contribution Limit $3,250 $6,450
Catch-up contribution (55 or older) $1,000 $1,000

Features of a Health Savings Account:

  • FREE first order of custom-image checks.
  • $100 minimum deposit to open the account.
  • FREE Visa ® Debit Card and unlimited check writing.
  • FREE Online Banking for viewing your account information.
  • $1.50 monthly fee.
  • $15 one-time set-up fee.

Applying for a Health Savings Account is fast and easy! Visit any of our Personal Bankers at the SCSB office nearest you to open an account. For a complete list of details, see the Health Savings Account Disclosure.

* Consult your tax advisor regarding the tax advantages of a health savings account.