Online Banking
Health Savings Account
Health Savings Account
Health Savings Account (HSA)
Set money aside to pay for qualified medical expenses in a tax-deductible account for people with a high deductible health plan (HDHP).
What is a Health Savings Account (HSA)?
A Health Savings Account (HSA) is a tax exempt account with a financial institution in which you accumulate savings to pay for current and future medical expenses. The HSA consists of two separate parts:
- Your individual HSA account.
- HDHP – A high deductible insurance policy is designed to insure for catastrophic events while the policy holder pays for smaller expenses.
Advantages – River Valley Bank HSA
- No administration fees –there are no set up fees or annual administration fees.
- No fee checking account – there are no service charges and minimum balances required.
- Unlimited check writing – you may have unlimited transactions.
- Access account either by writing a check or using your debit card.
- No minimum balance to earn interest – tiered rates available based on average collected balance.
- View account online – view your cancelled checks and/or transactions on line.
- Year end reporting – receive tax reporting documents that detail contributions, distributions, and interest earned.
Who is eligible?
Any individual covered under a qualified high deductible health plan. Individuals cannot be above Medicare eligibility age or covered under another plan.
