If you are under age 65, a Health Savings Account or HSA is an investment vehicle that enables you to pay for current health expenses and save for future qualified medical expenses on a tax-free basis. In order to gain the advantages that come with an HSA, you must first be covered by a High Deductible Health Plan, or HDHP. Our insurance professionals and personal bankers will be pleased to review the many benefits and requirements associated with HSA s, and help determine if they are right for you.
For additional information on our HSAs and help to determine if they are right for you, please speak to a Bridgeview Personal Banker.
Individuals are eligible for an HSA if, with respect to any month, they:
- Are covered under a high-deductible health plan (HDHP) on the first day of such month
- Are also not covered by any other health plan that is not an HDHP (with certain exceptions for plan providing preventative care and limited types of permitted insurance and permitted coverage)
- Are not enrolled in Medicare
- Cannot be claimed as a dependant on another individual's tax return
Rates and Fees
Minimum Balance to Avoid Fees: $100.00 minimum daily balance requirement.
$5 monthly service fee if minimum daily balance requirement is not maintained.
Health Savings Account
- Minimum to Open $100.00
- Minimum to Obtain APY $1,000.00
Health Savings account 2 Tiers:
- $0 - $999.99
- $1,000.00 and over
Interest rates subject to change without notice. Fees could reduce earnings. All accounts have a variable rate; the interest rate may change after the account is opened. Disclosure of Fees, Interest and Account Terms.