This account is a tax-deductible transaction account that allows you to save money for future health care costs and pay for qualified medical expenses, including those not covered by insurance. It’s a simple and smart way to offset the costs of a high-deductible health insurance plan (HDHP). Any unused funds roll over from year to year.
Visit a Banking Center to Apply
About HSAs
HSA Checking features and benefits include:
- Funds in the account can be spent on qualified medical expenses*
- Earn interest on your balances
- Free online banking and e-statements – go paperless!
- HSA Resource Plus® debit card
- Plus, a second free HSA debit card is available upon request for an authorized signer
- Checks are available to order
- Deposits, up to the maximum annual contribution, made for qualified medical expenses* are tax-deductible.
- Withdrawals used for qualified medical expenses are tax-free
- The interest earned is tax-deferred
- Your unspent funds carry over from year-to-year
- Your employer or insurance carrier may change, but you may always keep your funds at 1st Source.
*Qualified Medical Expenses are defined by Federal Employees Health Benefits law and Section 213 of the IRS Code. Information can be found here.
For additional details and guidance regarding HSAs please refer to IRS.gov and be sure to consult your tax advisor.
For additional tips and reminders regarding an HSA refer to this page.
To open an HSA Checking account, you must be enrolled in a High-Deductible Health Plan. The rules that define HDHPs can be complicated. Check with your health insurance provider to determine if your health plan coverage is HSA-compatible.