Health Savings Accounts

Invest In Your Health.

Keep your body and your finances healthy with the benefits of 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.
A woman on a swing facing waterfalls.

River Valley HSA Features:

  • No administration fee
  • No minimum balance required
  • Free eCommunications
  • Unlimited check writing
  • Visa Debit Card to access your HSA funds
  • Tiered interest
  • Online account access to view your transactions or pay bills
  • Year-end-reporting

What is an HSA?

A health savings account is a tax-exempt trust or custodial account established exclusively for the purpose of paying qualified medical expenses of the account beneficiary, who is covered under a high-deductible health plan (HDHP). A HDHP is defined as a health plan that does not provide any benefits until the deductible is met.  In the case of family coverage, the health plan also must pay no amount for medical expenses before the family deductible is met.

Who is eligible to open an HSA?

  • Any individual covered under a qualified High Deductible Health Plan (HDHP).
  • Individuals not enrolled in Medicare or covered under another plan.
  • Individuals not 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.*

Making Contributions

The individual, his or her employer or both may contribute to an employee's HSA. Family members also may contribute on behalf of another family member, as long as the beneficiary is eligible to participate in an HSA. HSA contribution limits for individual and family coverage are adjusted annually to reflect changes in the cost-of-living index. Eligible individuals at least 55 years of age can make a catch-up contribution of up to $1,000.00. HSA account holders may contribute at any time during the tax year (individual has until April 15 to establish and contribute to an HSA for the previous year). Contributions can be made in a lump sum or any number of deposits. 
HSA Contribution Limits 2018 
$3,450 - Self
$6,850 - Family
$1,000 - Catch Up (55 and Older)

HSA Contributions Calculator

Taking Distributions (Withdrawals)

HSA distributions may be taken at any time and funds may be carried over from year to year.  Withdrawals can be made in branch, via check, or with HSA check card. Distributions used to pay for qualified medical expenses of any HSA beneficiary are tax exempt.  Determining what are qualified medical expenses are the responsibility of the customer along with their provider. Any part of an HSA distribution that is not used for qualified medical expenses is subject to tax in the withdrawal year, plus a penalty tax. 

*Consult your tax advisor

The Benefits Are Worthy!

Plus, opening a Health Savings Account online with River Valley Bank takes as few as 10 minutes!

Want to calculate your HSA savings? We have a variety of calculators to help!

HSA vs Traditional Calculator
HSA Contributions Calculator
HSA Savings Calculator
HSA Goals Calculator