Health Savings Accounts
Earn 1.51% APY* on your balance.
A Health Savings Account (HSA) is an alternative to traditional health insurance; it is a savings product that offers a different way for consumers to pay for their health care. HSA’s enable you to pay for current health expenses and save for future qualified medical and retiree health expenses on a tax-free basis.
- Allowing contributions that are not used for current medical expenses to be carried over subsequent years and used tax-free for future medical or retirement health expenses.
- Create an additional source of taxable retirement income if HSA assets are not used for qualified health care expenses.
- Providing asset portability so individuals can take their HSA wherever they go.
- Offer a lower priced health care option, if the individual shares the cost of health insurance with their employer
- Anyone covered under a High Deductible Health Plan (HDHP) on the first day of the month in which the HSA is established.
- Not covered by any health plan that is not a HDHP.
- Not enrolled in Medicare.
- Not eligible to be claimed as a dependent on another individual’s tax return.
If you have any questions regarding health savings accounts, please consult with a Financial Service Representative at your local Sullivan Bank branch.
*Annual Percentage Yield is effective March 2, 2020 and assumes monthly compounding. APY is calculated using the daily balance method based on minimum balance requirements. Rates are subject to change without notice after account opening and certain fees may reduce account earnings. No minimum opening deposit. No minimum balance required to earn APY or maintain the account.