Health Savings Account

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Is A Health Savings Account (HSA) For You?

An HSA is a tax-exempt account established to help pay medical expenses in conjunction with a high-deductible health care plan (HDHP).

An HSA can help you save for future health and retirement needs. Although an HSA is primarily used to pay health care expenses on a tax-preferred basis, it can also be used to accumulate retirement savings – also on a tax-preferred basis. Much like an individual retirement account, unused deposits roll over each year and grow tax-preferred through investment earnings.

To better understand the ins-and-outs of HSAs, read our FAQs. Or, review our Health Savings Account Guide for more information.

Enrolling in an HSA is easy. Simply enroll online or visit one of our branches.

If you already have an HSA with another institution and want to switch to our services, simply download the HSA Transfer form, as well as the HSA Rollover form. Bring these forms in or fax them to your nearest branch.

Find out what expenses can be included in your HSA Deduction

To open an HSA and make tax-fee contributions, you:

  • Must have a high-deductible health insurance plan
  • Cannot be covered by another non high-deductible health plan
  • Cannot be enrolled in Medicare
  • May not be claimed as a dependent on another person’s tax return
  • Fill out our Account Eligibility Form to determine if our HSA fits your needs. Upon completion bring it to your nearest branch. Or, you can fax it to one of our locations.

Heritage Bank’s HSA account offers competitive, tiered interest rates as well as:

  • Free debit card
  • Free online banking
  • No monthly fee if balance is above $5,000
  • Direct deposit without having a primary checking account
  • It’s easy to set up automatic contributions using our simple form.

2011 Contribution & Deduction Limits

2011 REQUIREMENTS
HEALTH PLAN SINGLE FAMILY
Minimum deductible $1,200 $2,400
Out-of-pocket max $5,950 $11,900
Maximum contribution $3,050 $6,150

$1000 additional catch-up contribution allowed for those age 55 and older.

Apply today for a health savings account with Heritage Bank.

Paper checks are available at normal rates. Account has a $15 set-up fee. Set-up fee subject to change at any time. $2 monthly fee if balance falls under $5,000.