Health Savings AccountsKeep your body and finances healthy with a health savings account. With a River Valley Health Savings Account (HSA), you can save money in a tax-exempt* account to pay for qualified medical expenses. Unlike a flex spending account, you won’t lose your money at the end of the year, so you can be covered financially for the things that matter.
River Valley health savings account features:
- No administration fee
- No minimum balance required
- No service fee
- Unlimited check writing
- Visa Check Card to access your HSA funds
- Tiered interest
- Online account access to view your transactions or pay bills
Who is eligible to open an HSA?
- Any individual covered under a qualified High Deductible Health Plan (HDHP).
- Individuals cannot be enrolled in Medicare or covered under another plan.
- Individuals cannot be claimed as a dependent on another person's tax return.
- See IRS Publication 969 for more details.
To be eligible for an HSA, you need to have a qualified high-deductible health plan. Contributions can be made to the account during the months the individual is covered under a HDHP up to the IRS limit. Funds placed in an HSA can roll from year to year and do not need to be used in the year they were contributed to the plan. If funds are used for expenses that are not qualified medical expenses, penalties and taxes may apply. For more information, see IRS Publication 969 for details on your HSA and taxes.*
* Consult your tax advisor.