Plan ahead for better control and management of your medical expenses. With an HSA it’s easy to save, and easy to access your account when you want to.
Health Savings Account
Health Savings Account (HSA)
at Collinsville Bank - A Division of Northwest Community Bank
Health Savings Account (HSA)
A Health Savings Account offers a way to help you with the rising costs of health care.
HSAs have tax benefits for people with high-deductible health plans.
What is an HSA?
A Health Savings Account (HSA) is a medical savings account available to people who are enrolled in a high-deductible health plan (HDHP). The money contributed to an HSA is not subject to federal income tax at the time of deposit.* Some of the benefits of an HSA are that it:
- Can be used to meet your deductible.
- Is tax-deductible off your gross income.
- Is NEVER taxed when used for qualified medical expenses.
- Rolls over year after year – no “use it or lose it.”
*Please contact your Tax Advisor or the IRS for more information.
Do you qualify for a Collinsville Bank – A Division of Northwest Community Bank HSA?
In order to qualify you must:
- Be covered by a high-deductible health plan.
- Not be covered by another health plan.
- Not be enrolled in Medicare.
- Not be claimed as a dependent on another person’s tax return.
Collinsville Bank – A Division of Northwest Community Bank HSA Information
It’s easy to set up your new Collinsville Bank – A Division of Northwest Community Bank Health Savings Account. We can help you get started quickly—and even transfer funds from your existing HSA at another institution. Contact us today and start saving in your new HSA. Your HSA will have:
- No monthly fee.
- No monthly minimum balance requirement.
- Interest earned on funds deposited.
- Check and debit card accessibility.
- Savings with tax-deductible contributions.*
- FDIC Insurance.
- Monitoring of your account through our online banking system
- Interest will be credited monthly.
*Please contact your Tax Advisor or the IRS for more information.