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Health Savings Account (HSA)

Health Savings Account (HSA)

Save for health expenses and cover your deductibles with a Premier Bank HSA. Earn interest and rollover remaining balances to save for future expense.

Benefits

Solutions With Every Account

  • A minimum balance or average daily balance of $1000, otherwise a $2.00 service charge will occur.

  • Open with a $50 minimum deposit.

Health Savings Account Debit Card

Details

Account Details

To open an HSA, you must be enrolled in a high-deductible health plan (HDHP), which is a health insurance plan with lower premiums and higher deductibles than a traditional health plan. You must also answer 'no' to these questions:
  • Do you have other health coverage (except for permitted coverage)?
  • Are you enrolled in Medicare?
  • Are you claimed as a dependent to another person's tax return?
Tax Year Coverage Type 
(MR629)
Age Catch-Up
Contribution
Limit
Maximum
Contribution
Limit
2020 Individual Under 55 N/A $3,550

Individual

Over 55 (up to 65) $1,000 $4,550
2020 Family Under 55 N/A $7,100
Family Over 55 (up to 65) $1,000 $8,100
2021* Individual Under 55 N/A $3,600
Individual Over 55 (up to 65) $1,000 $4,600
2021* Family Under 55 N/A $7,200
Family Over 55 (up to 65) $1,000 $8,200

*Per IRS Revenue Procedure 2020-32.

 

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

An HDHP's annual deductible is no less than the amounts shown in this chart.
Contact your health plan provider for assistance in determining if your HDHP meets the requirements for an HSA.
 
Tax Year Self-Only Coverage Annual Deductible Family Coverage Annual Deductible
2019 $1,350 $2,700
2020 $1,350 $2,700
2021 $1,400 $2,800

FAQs

  • $500 for ATM transactions limits and $1,500 point of sale transactions.

  • Between January 1st and April 15th, you may choose current or previous year, depending on which year you are making contributions. Between April 16th and  December 31st , you must choose current year.

  • A beneficiary is the person(s) or entity you name on your account to receive funds in the event of your death. We recommend you designate at least one primary beneficiary who will inherit your account assets in the event of your death. You can choose not to designate any beneficiaries.

  • A primary beneficiary receives account assets in the event of your death. A contingent beneficiary receives account assets in the event of your death only when all primary beneficiaries have also passed away.

No Sick Days

Open your Health Savings Account today – either online or at your local Premier Bank office.

Helpful Links

  • New Job?

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  • CD and Money Markets Explained.

    Learn how to grow your savings with CDs and MMAs.

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