In This Section

A savings plan that allows you to contribute money pre-tax for later use on qualified medical expenses

Available to individuals who, for the period in which contributions are made to the HSA, are covered under a "high deductible health plan" (HDHP)

Benefits of an HSA include:

  • The interest earned on the assets in your HSA is tax-free*
  • You can claim a 100% tax deduction for contributions you make even if you do not itemize your deductions on Form 1040*
  • Funds distributed from the HSA are not taxed if they are used to pay qualifying medical expenses*
  • The contributions remain in your HSA from year to year until you use them
  • Savings roll over from year to year (unlike a flexible spending account)
  • FREE account (no monthly fees)
  • No minimum balance requirement
  • Interest is paid monthly on balances $750.00 and over
  • Unlimited withdrawals and transactions allowed each month for qualified medical expenses
  • FREE ATM/debit card provided with this account
  • FREE online banking available with this account
  • FREE mobile banking services available with this account
  • FREE 24-hour Touch Tone Teller available with this account
  • FREE monthly electronic or paper statements with this account
  • FDIC insured up to the maximum legal limits

Speak to one of our friendly new accounts representatives at your favorite Bank of Bolivar / BOB Community Financial banking center for more information or to enroll

*IMPORTANT NOTE: please consult with your tax advisor for information and advice concerning your personal tax situation.