Health Savings Account - Checking
Here’s to your health! Our HSA (Health Savings Account) Checking is the ideal complement to your High Deductible Health Plan (HDHP). It lets you invest your health care dollars wisely to cover current and future medical/health expenses.
With HSA Checking …
- Deposits for qualified medical expenses are tax-deductible.
- Withdrawals for qualified medical expenses are tax-free.
- Monthly interest earned is tax-deferred.
- You have “Anytime Access” to your funds.
- You can carry over from year-to-year whatever you don’t spend.
You can make deposits into your HSA Checking account …
- at any time
- in any amount you wish, provided you do not exceed the maximum annual contribution listed in the table below.
- with cash, checks, money transfers, direct deposit or at an ATM.
- If you are 55 years of age or more, you may make one $1,000 catch-up contribution per year.
- Monthly HSA Checking statements detail your activity.
- You can pay for qualified medical expenses using special checks.
- You can use a FREE HSA Resource® Plus debit card just as you would your regular debit card to pay for qualified medical/health expenses.
- A second FREE HSA Resource® Plus debit card is available upon request for those with an authorized signer.
To help you track transactions, your monthly HSA Checking statements will display …
- a record of your activity
- images of your check fronts
- you may also view your activity – and even transfer funds from another 1st Source account – for FREE through Online Banking