HSA Checking
tax-deductible deposits • tax-deferred earnings • tax-free withdrawals

Complement your High Deductible Health Plan (HDHP) with1st Source Bank’s Health Savings Account — HSA Checking. It’s the ideal way to invest your healthcare dollars to cover your current needs or to save for your future medical expenses.

The Benefits of HSA Checking
With its lower premiums, your HDHP puts more of your healthcare dollars in your pocket. The best place for those savings is our Health Savings Account (HSA) — HSA Checking. Invest an amount equal to your insurance deductible in HSA Checking each year, and you can deduct that sum from your taxes. Your investment earns tax-deferred monthly interest, and you can access your money tax-free at any time to cover qualified medical expenses. Whatever you don’t spend will carry over from year to year, continuing to earn interest and increasing your savings for your future needs.

Making Deposits
You can make deposits into your HSA Checking account at any time in any amount you wish, up to the amount of your HDHP deductible, as long as you do not exceed the annual maximums listed in the table above. However, if you are 55 or older, you may make the following additional catch-up contributions:

Deposits are made just like with a traditional checking account: by cash, by check, by money transfer, by direct deposit or by ATM. Additionally, you may roll over funds from your Archer MSA. Your monthly statements will detail your activity. You will also receive a year-end account summary for tax purposes.

Making Withdrawals
Accessing the money in your HSA Checking account is easy. HSA Checking comes with special checks that you can write (just like an ordinary check) for qualified medical expenses. HSA Checking also comes with a FREE Check Card, which you can use just like your regular debit card at the pharmacy, at your doctor’s office, or wherever MasterCard® debit transactions are accepted. A second FREE card is available upon request for those with family coverage.

Your monthly statements will display a record of your activity, as well as feature your front check images, helping you to track your transactions. You may also view your activity, and even make funds transfers from another 1st Source account FREE through InfoSource Online Banking.

Opening an HSA Checking Account
To open your HSA Checking Account, stop into any 1st Source Banking Center. For a full list of all our locations, click here.

HSA Checking clients must be enrolled in a High Deductible Health Plan (HDHP). An HDHP is defined for 2008 as follows: for individual coverage, a plan with a deductible of at least $1,100 and a $5,600 maximum out-of-pocket expense limit; or for family coverage, a plan with a deductible of not less than $2,200 and a maximum $11,200 out-of-pocket expense limit. Clients may not be covered by any other non-HDHP insurance, cannot be enrolled in Medicare, and cannot be claimed as a dependent for tax purposes. Account subject to credit approval.