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Health Savings Accounts

Health Savings Accounts from West Suburban Bank

Health Savings Accounts were created by the Medicare bill signed by President Bush on December 8, 2003 and are designed to help individuals save for future qualified medical and retiree health expenses on a tax-free basis.

You must be covered by a High Deductible Health Plan to be able to take advantage of an HSA account. An HDHP generally costs less than what traditional health care coverage costs, so the money you save on insurance can therefore be put into your Health Savings Account.

A Health Savings Account works like any checking account owned by an individual. The significant difference is that the money placed into it must be set aside to pay solely for current or future qualified medical expenses. The great news is that there are many tax benefits associated with opening and maintaining this special account—and that’s where the savings can add up.

We offer tiered interest rates on our HSA accounts. As your account grows so will your interest rate. Interest is paid monthly, and you can open the account with as little as $100†.

†Certain fees may apply, see our Service Fees List for more information - requires free Adobe Acrobat Reader

What type of account is a Health Savings Account?

Our Health Savings Account works similar to our checking, with tiered interest rates based on your account balance. We offer two account options; a self coverage or family coverage account.  You will have access to your funds either by check or a special debit card that can be used anywhere Visa debit is accepted.

HSA ACCOUNT FEATURES AND BENEFITS:

  • No set-up charges
  • No activity fees
  • Free Visa® Debit Card
  • Free Online Banking
  • Free Bill Pay Service
  • Check writing privileges

Click here for current interest rates.

The Advantages of Having A Health Savings Account

  • Funds contributed to the account may be tax-deductible*
  • Interest on your account accumulates tax-free*
  • Withdrawals for qualified medical expenses are tax-free*
  • Unused funds and interest are carried over from year to year
  • The account is yours to keep, even when you change plans or retire

*Certain limitations and conditions apply. Please consult your tax advisor.

WHO IS ELIGIBLE FOR A HEALTH SAVINGS ACCOUNT?

Health Savings Accounts can be opened by any individual who:

  • Is covered under a high-deductible health plan (HDHP) and,
  • Is not covered by any other health plan that is not an HDHP and,
  • Is not entitled to Medicare benefits and,
  • Cannot be claimed as a dependent on someone else’s tax return

WHAT EXPENSES QUALIFY UNDER A HEALTH SAVINGS ACCOUNT?

You can use your account for costs associated with prescription drugs, eyeglasses and contact lenses, blood tests, dental care, physicians and specialists, lab tests, and many other medically-related items and services. For more details on what qualifies and how to calculate deductions, contact a qualified tax advisor.  

Click the links below for more information on HSA's:


WSB Health Savings Account Frequent Asked Questions (FAQ)

Click here for terms and disclosures - requires free Adobe Acrobat Reader

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