Health Savings Account

The Health Savings Account (HSA) is a tax-free interest bearing account that can be used to pay for medical expenses.  To qualify, the individual must have a high deductible health insurance plan. 


  • Annual contributions into an interest-bearing checking account are tax-deductible.  Contributions can be made all at once or throughout the year.

  • Interest is earned tax-free


  • You have until April 15, or your tax-filing deadline, to contribute for the prior year.

  • Write  checks or use a debit card to pay for medical expenses throughout the year.  Amounts distributed are not taxable provided they are used for medical expenses.

  • Or, you can pay your medical expenses out-of-pocket and let HSA balances accumulate tax-free. 
  • There are no withdrawal requirements.

  • You select beneficiaries who will receive the HSA in the event of your death
  • A minimum deposit of $100 is required to open the account. 

Contribution and Out-of-Pocket Limits

For Health Savings Accounts and High-Deductible Health Plans

HSA contribution limit
Self-Only: $3,850
Family: $7,750
HSA catch-up contributions
(age 55 or older)
High-deductible Health Plan (HDHP) minimum deductiblesSelf-only: $1,500
Family: $3,000
HDHP maximum out-of-pocket amounts (deductibles, co-payments and other amounts, but not premiums)Self-Only: $7,500
Family: $15,000

FDIC Insurance Information

For information about FDIC insurance coverage of transaction accounts, please visit the FDIC website.