HSA | Health Savings Accounts
We understand the concerns you may have about health care costs. Opening a Health Savings Account (HSA) can help you better manage those expenses. A HSA provides eligible individuals who participate in a high-deductible health plan (HDHP) the opportunity to save for future medical expenses tax-free.
We will help you take charge of your financial health now and for the future.
What is a Health Savings Account (HSA)?
A HSA is a savings product that offers a different way for consumers to pay for their health care. HSAs enable you to pay for current health expenses and save for future qualified medical and retiree health expenses on a tax-free basis.
You must be covered by a HDHP to be able to take advantage of a HSA. A HDHP generally costs less than what traditional health care coverage costs, so the money that you save on insurance can be put into the HSA.
You own and control the money in your HSA. Decisions on how to spend the money are made by you without relying on a third party or a health insurer.
What is a High-Deductible Health Plan (HDHP)?
Sometimes referred to as a “catastrophic” health insurance plan, a HDHP is an inexpensive health insurance plan that generally doesn’t pay for the first several thousand dollars of health care expenses (your deductible) but will generally cover you after that. Of course, your HSA is available to help you pay for the expenses your plan does not cover.
How do I apply for a HSA?
When you're ready to open an HSA, simply stop by a KleinBank branch and a Personal Banker will be able to help get you set up. Be sure you meet the following:
- You are enrolled in a High Deductible Health Plan (HDHP)
- You know the type of HDHP Plan you are enrolled in (Family or Individual)
- You are not enrolled in Medicare
- You are not a dependent on someone else's taxes
- You are not covered by any other health care coverage
Health Savings Accounts
A Health Savings Account from KleinBank offers:
- Variable interest (please contact your local KleinBank for current rates)
- Interest compounded monthly
- No minimum opening balance
- No balance requirements
- $3.50* monthly maintenance fee
- $25* account set-up fee
- Free HSA Debit MasterCard
- Health Savings Account checks (regular check prices apply)
- ATM availability:
- Cash withdrawals – limited availability
- Deposits, transfers, and inquiries – as available at ATMs
- Free eStatements or $5/month for paper statements by mail
- Free automatic transfers
- Free Direct Deposit
- No checking reserve/overdraft privilege
- Free KleinLine Telephone Banking
- Free Online Banking
- Free Mobile Banking
* No set-up fee with KleinBank Premier Checking Account, Employee Benefit Banking, or HSA Group Plan. No monthly maintenance fee with balance of $500 or more or $2,500 in combined balances. If participating in a KleinBank HSA Group Plan, the monthly maintenance fee will be charged to the business.