Health Savings Account (HSA)

Save for Healthcare. Plan for the Future.

A Health Savings Account (HSA) helps you set aside pre-tax dollars to pay for qualified medical expenses, today and in the years ahead.

Whether you’re self-employed, enrolled in a high-deductible health plan (HDHP), or an employer looking to offer valuable benefits, an HSA from Home State Bank provides tax advantages, flexibility, and long-term savings potential.

Why Choose a Health Savings Account?

An HSA offers powerful advantages:

Tax-deductible contributions*
Tax-free earnings on your balance
Tax-free withdrawals for qualified medical expenses
Funds roll over year after year — no “use it or lose it”
Account ownership remains with you, even if you change employers
Additional catch-up contributions available at age 55+

HSAs can help manage rising healthcare costs while building a reserve for future medical needs, including retirement healthcare expenses.

Who Should Consider an HSA?

You may benefit from a Health Savings Account if:

You are enrolled in a qualifying High-Deductible Health Plan (HDHP)
You are self-employed or seeking a cost-effective healthcare savings strategy
You are a business owner offering benefits to employees
You want to save additional tax-advantaged funds for retirement

HSA Account Features

$100 minimum deposit to open
Variable tiered interest rate
Interest earned on balances over $0.01
Complimentary HSA debit card
Free Online Banking
Free Mobile Banking
Free eStatements
Paper statements available for $3.00 per statement cycle

Eligibility Requirements

To open an HSA, you must:

Be enrolled in a qualifying High-Deductible Health Plan (HDHP)
Not be enrolled in Medicare
Not be claimed as a dependent on another person’s tax return
Not be covered by a non-qualified health plan

Contribution limits are determined annually by federal guidelines.

Important Considerations

Funds used for non-qualified medical expenses are subject to income taxes and may incur a 20% penalty if under age 65. After age 65, non-qualified withdrawals are subject to income taxes but not the additional penalty.

Please consult your tax advisor for guidance regarding your specific situation.