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 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.