Health Savings Account

A Health Savings Account (HSA) is an interest bearing checking account that you can deposit money into to save for future medical expenses. Riverside Bank provides the convenience of paying your medical expenses with a check or a free check or Master Card debit card.  There are several advantages to putting money into these accounts, including favorable tax treatment. 

Who Can Have an HSA?

Any adult can contribute to an HSA if they:

• Have coverage under an HSA-qualified "high deductible health plan” (HDHP)
• Have no other first-dollar medical coverage (other types of insurance like specific injury insurance or accident, disability, dental care, vision care, or long-term care insurance are permitted).
• Are not enrolled in Medicare.
• Cannot be claimed as a dependent on someone else's tax return.
• Contributions to your HSA can be made by you, your employer, or both.  However, the total contributions are limited annually.  If you make a contribution, you can deduct the contributions (even if you do not itemize deductions) when completing your federal income tax return.
• Contributions to the account must stop once you are enrolled in Medicare.  However, you can keep the money in your account and use it to pay for medical expenses tax-free.

Need More Information About HSAs?

Visit with one of our Relationship Bankers or visit the IRS web site for more information about Health Savings Accounts, including answers to frequently asked questions, related IRS forms and publications, technical guidance, and links to other helpful web sites.
Requirements:
minimum daily balance requirement of $300.00
Monthly service chage of $3.00 per month if minimum balance is not maintained*
$100.00 to open this account

Check safekeeping is a standard feature of this product.

*refer to our current schedule of fees for other possible applicable fees