Health Savings Account (HSA)

Enjoy Greater Control Over your Healthcare Expenses

Save smart, spend wisely, and invest in your health.

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Tax Advantages

Save for Healthcare. Spend with Confidence.

Prepare for qualified medical expenses
An HSA provides triple tax savings:
- Tax deductions when you contribute to your account
- Tax-free earnings through investment
- Tax-free withdrawals for qualified medical, dental and vision expenses, and more
Contributions are tax-free and can be made by you, your employer, or a third party

Funds can be withdrawn at any time
No monthly service charges
No minimum balance requirements
Unused funds remain in account year after year; no “use it or lose it” policy
Keep your HSA in your name, regardless of career or life changes
Federally insured by FDIC
$1 minimum deposit to open

Frequently Asked Questions

What is a Health Savings Account (HSA)
An HSA is a type of savings account that allows you to set aside money on a pre-tax basis to pay for qualified medical expenses.
Who can have an HSA?
You may contribute to an HSA only if you have a High Deductible Health Plan (HDHP) — generally a health plan (including Marketplace and employer provided plans) that doesn’t provide coverage for non-preventive medical services until you meet your annual deductible. For plan year 2025, the minimum deductible for an HDHP is $1,650 for an individual and $3,300 for a family.
What are the benefits of an HSA?
- Help cover out-of-pocket insurance costs (co-payments, coinsurance, medications, etc).
- Available for qualified medical expenses, including dental, vision and mental health services.
- Contributions are generally pre-tax and aren’t subject to federal or state income tax.
- Withdrawals from your HSA are not subject to federal (or in most cases, state) taxes if you use them for qualified medical expenses.
- Provides tax-free earnings through interest.
- Unspent money in an HSA rolls over at the end of the year so it’s available for future health expenses.
- Money in your HSA remains available for future qualified medical expenses, even if you change health insurance plans, go to work for a different employer, or retire.
- No minimum balance and no monthly services charges (Claremont Savings Bank HSA).
How do I contribute to an HSA?
Contributions can come from you, your employer, a relative or anyone else who wants to add to your HSA. Contributions can be direct deposited into your account by your employer, by cash or check provided to the servicing institution, or funds transferred between your accounts.
How much can I put into an HSA?
For 2025, if you have an HDHP, you can contribute up to $4,300 for self-only coverage and up to $8,550 for family coverage into an HSA. At age 55, an additional $1,000 annual contribution is allowed. Unused HSA funds roll over year to year and you can use these funds at any time to pay for qualified medical expenses.
How do I pay for my qualified medical expenses?
Our HSAs come with a debit card, so you can pay for prescription medications and other qualified medical expenses right away. Checks are also available if that is preferred. If you wait for a bill to come in the mail, you can call the billing center and make a payment over the phone using your debit card.

Most adults under 65 who are not enrolled in Medicare and are covered under a high-deductible health plan (HDHP) can qualify for an HSA, but it is up to the account holders to determine their own eligibility. Please contact your tax advisor for further eligibility requirements.