Health Savings Account (HSA)
- Greater personal control over healthcare management and expenses
- Prepare for qualified medical expenses
- Tiered interest rates
- 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, vision expenses and more1
- Contributions to an HSA may be tax deductible and can be made by you, your employer or a third party
- Funds can be withdrawn at any time2
- Access funds by Minnwest Mastercard® ATM card, check, electronic transfer or in-bank withdrawals
- 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
- No minimum deposit to open
- A $3 monthly service charge will be assessed each monthly statement cycle. This service charge will be waived if you maintain a combined minimum balance of $1,000 in your personal deposit accounts (excluding the HSA account) at Minnwest Bank.
Eligibility
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.
1 Consult a tax advisor.
2 You can withdraw funds at any time for any purpose. However, if funds are withdrawn for reasons other than qualified medical expenses, the amount withdrawn will be included as taxable income, and is subject to a 20% penalty.
* Health Savings Accounts (HSAs) are not allowed to have a negative balance. If the account becomes negative, the account may cease to exist as an HSA which could result in other negative tax implications.
