Health Savings Account (HSA)
Core Bank offers comprehensive health savings account solutions that perfectly complement many current employee health plans. Talk to a member of our personal banking team today to learn more, or simply apply online!
Meeting Your Health Savings Needs
If your company’s group health benefit plan is a High Deductible Health Plan (HDHP), our HSA plans can offer your employees a way to manage their contributions.
At Core Bank, we offer a streamlined way to move money from direct deposit payments directly into your HSA so that you always have money stashed away should you ever need it for routine medical care or unexpected health needs.
Learn more in our blog, Four Reasons to get a Health Savings Account.
Benefits of Using a Core Bank Health Savings Account
- No minimum balance account option.
- Local community bank account means access and personalized service for you and your employees
- Contributions are tax-deductible, reducing the tax exposure for both employer and employee.
Who is Eligible to Participate
You are eligible for an HSA account if you meet this criteria:
- Covered under an HDHP
- Not entitled to benefits under Medicare
- Not able to be claimed as a dependent on another person’s tax return
Listen to The Core Experience as Core Bank’s Banking Center Manager, Michael Roth, discusses the importance of HSAs and how Core Bank can help you get started with this savings contribution and make informed financial decisions regarding your healthcare.
2024 Contribution Limits
Every year, the IRS sets the maximum limit you can contribute to your Health Savings Account. The 2024 HSA contribution limits are:
- $4,150 single coverage
- $8,300 family coverage
Besides coverage type, your max HSA contribution limit is determined every year by your age and employer contributions.
- If 55 or older, you can contribute an additional $1,000 in 2024 as a catch-up contribution.
- Because employer contributions count towards your annual HSA maximum, you can personally only add the difference between their contributions and your max contribution amount. For example, you can contribute up to $3,150 if your employer contributes $1,000 on a single coverage plan.
For more information on how your HSA contributions will affect your taxes, speak with your tax advisor.
The deadline to contribute to your HSA for the 2024 tax year is April 15, 2025.
Managing Your HSA
A Health Savings Account is a tax-advantaged way to set money aside for both expected and unexpected healthcare costs.
How Does an HSA Work?
To pay for your medical expenses, you can either use our debit card that’s tied to your HSA account or pay the bill independently and request reimbursement with a receipt.
Any unused funds in your Health Savings Account at the end of the year will automatically roll over and do not expire, unlike flexible spending accounts that have a “use it or lose it” rule.
When you leave a job or change insurance, you get to keep all the money you’ve contributed to your HSA and transfer it into a new account at your next job.
How Does an HSA Save You Money?
HSAs are triple tax advantaged.
- Contributions to an HSA are tax-deductible
- Earnings on your HSA investments grow tax-free
- Withdrawals to pay for qualified medical expenses or after retirement are tax-free
So, if you’re planning to spend money on medical expenses anyway, you might as well take advantage of the tax benefits an HSA offers.
What You Can Use a Health Savings Account For
Here are eligible expenses that your HSA funds can be spent on:
- Copays, deductibles, coinsurance payments
- Prescriptions
- Dental care
- Vision treatment
- Doctor’s appointments
- Imaging like MRIs and X-rays
- Surgery
- Hospital care
- And more eligible medical services
How to Get a Health Savings Account
You can get an HSA account by visiting one of our branches or get in touch with our personal banking team today to learn more about your options for setting up an HSA solution!
HSA FAQs
How do I open an HSA?
Opening an HSA at Core Bank is simple, select the “Open An Account Today” button above and create a new online account, or log in to your existing online banking account to begin your application. To learn more about our Health Savings Accounts call, (402) 333-9100 or visit any of our locations.
How do I qualify for an HSA?
You qualify for a Core Bank HSA (Health Savings Account) if your health insurance is a High Deductible Health Plan, you are not enrolled in Medicare, or you can’t be claimed as a dependent on someone else’s tax return.
Are HSA contributions tax deductible?
Yes, all contributions made to your Core Bank HSA are tax deductible, reducing the taxes for you and your employer. Please contact your tax advisor for additional information regarding how an HSA may affect your taxes.
What can I use an HSA for?
Your Core Bank Health Savings Account can be used for a variety of medical expenses. Some of the most common costs covered by an HSA are copays, deductibles, coinsurance payments as well as dental and vision treatments, doctor’s visits, surgery, hospital care, hearing aids, prescriptions, vaccinations, and family planning. To learn more about how you can use your HSA effectively, call us today!
Do HSA funds rollover?
Yes, any unused HSA contributions rollover automatically to the next year. This benefit is unique to Health Savings Accounts, unlike Flexible Spending Accounts (FSAs) and Health Reimbursement Arrangements (HRAs).
Find a Core Bank Near You
Core Bank proudly offers personal and business banking solutions made for you. With banking centers in Omaha, Overland Park, and Mesa, we’re here to help you borrow and save confidently. Discover your nearest Core Bank today!