Health Savings Account (HSA)

Health Savings Account (HSA)

Pay for medical expenses while enjoying certain tax advantages.* Use it whenever you need to for qualified medical expenses, whether it's months or years from now.

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Set aside pre-tax dollars to fund medical expenses, whether it's tomorrow or years from now. An HSA is yours to keep (not your employer's), so you can use it any time you need. We provide easy ways to access your cash and online account management. Talk to a State Bank representative today for interest rates or if you have any questions about getting started.

  • Must be covered under a high deductible healthcare (HDHP) insurance plan
  • Use pre-tax* dollars to pay for medical-related expenses
  • Earn interest, like regular savings
  • Annual deposits may not exceed maximum allowed by law*
  • Account is owned by you, not your employer
  • No "use it or lose it" policy
  • Easy ways to access funds
  • Online banking
  • Online bill pay
  • Mobile banking
  • MasterCard® debit card
  • E-statements

*Consult your tax advisor.


I don't have health insurance, can I get an HSA?

You cannot establish and contribute to an HSA unless you have coverage under a "High Deductible Health Plan" (HDHP).

What is a "High Deductible Health Plan" (HDHP)?

A HDHP is an inexpensive health insurance plan that generally doesn't pay for the first several thousand dollars of health care expenses (i.e. your "deductible") but will generally cover you after that.

HDHP Requirements*

Tax Year HDHP Coverage Minimum Deductable Out-of-Pocket Expense Limit
2019 Self-Only $1,350 $6,750
Family $2,700 $13,500
2020 Self-Only $1,400 $6,900
Family $2,800 $13,800


I'm on Medicare, can I have an HSA?

You are not eligible for an HSA after you have enrolled in Medicare.

I don't have a job, can I have an HSA?

Yes, if you have coverage under an HDHP.

How much does an HSA cost?

An HSA is not something you purchase; it's a checking account into which you can deposit money on a tax-preferred basis.

How much can I contribute to my HSA?

HSA Contributions*

Tax Year HDHP Coverage Standard Limit
2019 Self-Only $3,500
Family $7,000
2020 Self-Only $3,550
Family $7,100


Individuals age 55 and older can also make additional "catch-up" contributions. The maximum annual catch-up contribution is as follows: 2009 and after - $1,000.

Can I contribute for the prior year?

Yes, you have until April 15th to make a contribution to your HSA for the previous tax year. (Only for those who are already enrolled in their HSA for the previous tax year.)

Why open a Health Savings Account?

Contributions are tax-free; withdrawals are tax-free for medical expenses; HSAs earn tax-free interest; you own the HSA; you have the choice to use the funds to pay for current healthcare expenses or to save all the money and grow your account tax-free for post-retirement medical expenses.

*Consult your tax advisor.

HDHP Requirements*

How much can I contribute to my HSA?*