Health Savings Account

Take control of your healthcare expenses while enjoying tax savings with a Health Savings Account (HSA). An HSA lets you use pre-tax dollars to pay for qualified healthcare costs and save unspent dollars—plus tax-free interest—for retirement.

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  • Use pre-tax income to pay for eligible medical, dental, vision and prescription costs
  • Designed to be used only in conjunction with a High Deductible Health Plan (HDHP), an HSA helps control costs while promoting freedom of choice
  • Operates like a checking account, allowing you to pay for qualified healthcare expenses by check or with your FREE debit card
  • Unspent dollars roll over each year and remain in your Health Savings Account
  • Funds can be used during retirement to cover medical expenses tax-free
  • Fully portable personal account that is not linked to employment
  • Convenient online account management with FREE Internet banking, monthly eStatements and year-end report for tax purposes
  • No minimum opening or ongoing balance requirements
  • Tax deductible contributions taken from gross pay, so no Federal or State taxes are paid
  • Friends, family and employers can contribute to account
  • Extensive list of items that can be paid for with account

*Please note: To be eligible for an HSA account you must be enrolled in a High Deductible Health Plan (HDHP), cannot have additional healthcare coverage including Medicare or VA benefits, and cannot be claimed as a dependent. HSA accounts cannot be rolled or transferred into any IRA account.

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Health Savings Account

+ Resources

Tax Information (IRS)

Tax Forms:

Individuals
Form 8889 (submitted with personal income tax form 1040):
Form 8889
Instructions for Form 8889
Publication 969 (guidance for filing taxes):
Publication 969> Publication 502 (medical and dental expenses):
Publication 502

Administrators:
Form 1099-SA:
2008 Form 1099-SA
Form 5498-SA:
2008 Form 5498-SA
IRS 1099 Instructions
IRS Instructions for Form 1099-SA and Form 5498-SA