Health Savings Account
Open a Health Savings Account (HSA) & Prepare for Future Medical Expenses
A Health Savings Account (HSA) helps eligible individuals save for qualified healthcare expenses while taking advantage of potential tax benefits. Earn interest, access funds with a dedicated HSA debit card, and build savings that stay with you wherever life takes you.
Health Savings Account Features
Healthcare costs can be difficult to predict. A Health Savings Account (HSA) gives eligible individuals a dedicated way to save for current and future medical expenses while maintaining control over how and when those funds are used.
Earn Interest on Your Healthcare Savings
Your HSA balance earns interest, helping your healthcare savings continue to grow
Tax-Advantaged Savings1
HSAs offer potential tax advantages when used for qualified healthcare expenses
No Minimum Contribution to Open2
Start saving for healthcare expenses without a minimum opening contribution requirement
Funds Roll Over
Unused HSA funds remain in your account and continue accumulating for future healthcare needs
HSA Debit Card
Pay for eligible expenses using your HSA debit card, which includes contactless and chip-enabled payment capabilities
Your HSA Stays with You
Your Health Savings Account belongs to you and remains yours even if your employment circumstances change
FDIC-Insured Security
Your money is FDIC insured up to $ 250,000, helping protect the money you’ve worked hard to save
When You Open a Statement Savings Account
Discover Why We’re the Best Bank to Open an Account With
Open a Health Savings Account by visiting your local branch in OH, WV, KY, VA, MD, or Washington, D.C.
Frequently Asked Questions
What is a Health Savings Account (HSA)?
A Health Savings Account (HSA) is a tax-advantaged savings account that helps eligible individuals save for qualified healthcare expenses. Funds can generally be used for medical costs such as deductibles, copayments, prescriptions, and other eligible healthcare expenses. Unused funds typically remain in the account and can continue to build year after year for future needs.
Who is eligible to open an HSA?
To open a Health Savings Account, individuals must: be 18 years of age or older, be enrolled in a qualifying high-deductible health plan (HDHP), not be claimed as a tax dependent, and not be covered by another standard health plan. Because eligibility requirements can change, individuals should consult a benefits specialist or a tax advisor regarding their specific situation.
How do I set up an HSA account?
Opening an HSA begins with confirming eligibility under a qualifying high-deductible health plan. Once eligibility is established, customers can open a Health Savings Account through Peoples Bank and begin making contributions toward future qualified healthcare expenses.
What can I use my HSA funds for?
HSA funds can generally be used for qualified medical expenses, including healthcare costs incurred by the account holder and eligible dependents. Examples may include doctor visits, prescriptions, deductibles, copayments, and other qualified expenses.
What happens to unused HSA funds?
Unused HSA funds typically remain in the account and roll over from year to year. This allows account holders to continue building healthcare savings for future expenses rather than losing unused balances at the end of the year.
Can I keep my HSA if I change jobs?
Yes. Your Health Savings Account belongs to you, and the funds stay with you even if your employment situation changes.
1Peoples Bank does not provide legal, tax or accounting advice. Consult your tax advisor about tax benefits applicable to Health Savings Accounts.
2A minimum balance fee of $2.00 will be imposed per month if the account falls below $200.00 on any given day of the month. For HSAs, the $200.00 daily balance requirement is waived for the first monthly analysis cycle.
3Rate may change after the account is opened.