Health Savings Accounts

A Tax Advantage to Offset Health Care Expenses

Health Savings Accounts, or HSAs, are a tax-advantaged account created for individuals who are covered under high-deductible health plans (HDHPs) to help them save for medical expenses that are not covered under their insurance. Contributions to this account are limited to a maximum amount each year, and can be used to pay for qualified medical expenses, including dental, vision, and prescription drugs.

Your HSA can accumulate and grow for future medical expenses, qualified long-term care services, or retirement. HSAs allow for tax-deductible contributions and distributions are also tax-free for qualified medical expenses.

You are HSA-eligible individual for any month if you:

Are covered under a high deductible health plan on the first day of such month;
Are not also covered by any other health plan that is not a high deductible health plan (with limited exceptions);
Are not enrolled for benefits under Medicare (generally not yet age 65);
Are not able to be claimed as a dependent on another person’s tax return.

Health Savings Accounts are subject to certain conditions:

This account is a checking account
$200.00 minimum deposit to open account
A minimum balance fee of $3.00 and a $0.15 per debit/credit fee will be assessed when the minimum balance of $200 is not maintained per cycle.
Earn interest when you maintain a balance of $500 or more. Interest rate is tiered.

Learn More

Get in touch to learn more about rates and opening an HSA with East Wisconsin Savings Bank.

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