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Health Savings Account

Take control of your healthcare expenses for your family or your employees.

Get answers to some common questions you may have about a Health Savings Account (HSA), as well as understanding what preliminary documents are required for opening a HSA. 

If you are an employer interested in establishing HSAs for your employees, group presentations may be available. For more information, contact our HSA Administrator, Stephanie Northup, at 315.568.1138

 

steph

Stephanie Northup

HSA Administrator

Office: 315.568.1138 // Email

Types of HSA accounts

We offer two types of HSA money accounts:

HSA SAVINGS:

  • $50 minimum to open/three Daily Balance tiers available
  • $20 set-up fee
  • $5 monthly maintenance fee for balances <$1,000
  • No annual fee
  • Checks available — $22.00 fee per check order
  • Free HSA Debit Card issue
    • Possible transaction fees from ATMs not owned by this bank
    • Possible transaction fees from Point-of-Sale (POS) terminals
    • $5 debit card reorder fee
  • Monthly statement options:
    • Mailed
    • Accessed online through free Internet Banking
  • Free Online Bill Pay available

e-HSA SAVINGS (Must have Internet access)

  • $50 minimum to open / three Daily Balance tiers available
  • $20 set-up fee
  • No monthly maintenance fee
  • No annual fee
  • No checks
  • Free HSA Debit Card issue
    • Possible transaction fees from ATMs not owned by this bank
    • Possible transaction fees from POS terminals
    • $5 debit card reorder fee
  • Monthly statements accessible only online through free Internet Banking
  • Free Online Bill Pay available

HSAs are tax-favored savings arrangements for individuals covered by high-deductible health plans (HDHPs). Individuals can use the money they save in an HSA to pay for qualified medical expenses incurred by themselves, their spouses or their dependents. HSAs are subject to IRS rules and guidelines.

† SPECIAL NOTE: Seek advice from your health insurance provider or your employer’s HR dept. when determining your eligibility.

Eligibility for an HSA is determined by the customer on a monthly basis. You are eligible if you:

  • Are covered under an HDHP on the first day of such month
  • Generally not covered by any health plan that is not an HDHP
  • Are not enrolled in Medicare
  • Are not eligible to be claimed as a dependent on another person’s tax return

Contribution limits are determined by the IRS and are periodically adjusted for cost-of-living increases. Individual contribution amount may vary due to age, type of coverage and eligibility dates. The bank is responsible for ensuring that the HSA owner does not contribute more than is allowable:

  • SINGLE —$4,150 maximum for 2024
    (additional $1,000 catch-up if age 55 or older)
  • FAMILY — $8,300 maximum for 2024
    (additional $1,000 catch-up if age 55 or older)

The HSA is an Individual Ownership account.
(Additional signors can be added.)

  • The PLAN ACCOUNT holds the HSA Savings & Checking accounts. It is used for reporting to IRS.
  • The HSA SAVINGS is the money account that accepts/distributes the reportable transactions.
  • The HSA CHECKING allows for the use of checks and/or Debit Cards.