What is a Health Savings Account (HSA)
A Health Savings Account offers a way to set aside funds to pay for medical expenses. If you are covered by a qualified High-Deductible Health Plan (HDHP), you may establish a HSA. The HDHP pays for medical expenses after the deductible has been met, while the HSA pays for medical expenses before the deductible is met.
HSAs provide you with tax savings by reducing your taxable income. The money you set aside in your HSA grows tax-deferred1 until age 65, when funds can be withdrawn for any non-medical purpose (ordinary tax applies), or tax-free when used for qualified medical expense.
Benefits
Dedicated Savings Account
Opportunity to have a dedicated account to save for health-related products/services.
Convenience
Pay for your healthcare needs quickly and easily with our Security National Bank Visa® HSA debit card.
Account Access
You’ll be able to access your account through online & mobile banking. You’ll be able to check balances, verify activity and print your statement anytime.
Peace of Mind
As an FDIC insured financial institution, the money in your Health Savings Account is safe and secure. Deposits are insured to the maximum permitted by law by the FDIC.
HSA Account Information
An HSA covers qualified medical expenses for individuals enrolled in a High-Deductible Health Plan and consists of non-taxed funds contributed from an individual's paycheck.
Minimum Opening Deposits:
$0
Interest Compounding and Crediting Frequency:
Monthly
Withdrawal Fees:
No Limit
Service Charge Minimum Balance Requirement:
You must maintain a minimum daily balance1 of $3,000 in your account to avoid a $1.75 monthly Service Charge
Additional Fees:
Initial Account Set-up Fee: $25.00. Distribution of Excess Contribution Fee: $20.00. Closing Fee: $25.00
How to Open an HSA Account
First, obtain a qualified High-Deductible Health Plan (a health plan required to establish an HSA). Next, contact a banker using the form below*.
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