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Save for Health Costs with an HSA

For those with a high-deductible health plan (HDHP), Central Bank offers Health Savings Accounts, or HSAs.  High-deductible health plan owners know they need health insurance – but want to keep as much of their cash to themselves. Health Savings Accounts may come with an added tax advantage. Set aside your money in your account and use it for medical expenses as they arise. From basic co-pays to large deductibles. You pay for what you use and reap the savings that come with high-deductible plans.

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An HSA is an account created with the express purpose of helping you save for medical costs for yourself, your spouse and any children or other dependents. With easy to use tools to access and manage your accounts at your convenience.

Benefits of an HSA from Central Bank include:

  • Tax advantages*
    • Tax-deductible contributions
    • Tax-deferred earnings
    • Tax-free distributions for qualified medical expenses
  • Convenient access
    • Shazam®Chek Card**
    • HSA Checks
    • Online Banking
    • Free Online Statements or $3 per month service charge for mailed paper statements
    • Flexible contributions
  • Cost savings
    • No setup fee
    • No annual fee
    • No monthly service charge with $500 average monthly balance
    • Variable interest
  • Safety provided
    • FDIC insured
    • Annual tax statements

Additional Information About HSAs

  • $25 minimum deposit to open account
  • If below $500 average monthly balance, $2 per month service charge
  • $25 plan termination fee for transfers and rollovers
  • Active Central Bank checking account required

*Consult your tax advisor for details.

**Shazam®Chek Card is subject to approval.

Service charges subject to Iowa & Local Option sales tax.

Contact a Personal Banker today for current interest rates.

How do I know if a Health Savings Account is right for me?

If you have a high-deductible health plan, an HSA may be a good solution for you. Please consult your tax advisor.

How much can I contribute to my HSA?

The contribution limits for 2016 are as follows: self-only HDHP coverage - $3,350; family HDHP coverage - $6,750; catch-up contributions for those 55 and older - $1,000.

Can I get a joint HSA?

No, but you can add an authorized signer.

Can I get a debit card or checks for my account?

Yes, you can get both.

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