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Personal Health Savings Account (HSA)

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• Account BenefitsAccount FeaturesUnderstanding Your HSAContribution LimitsResponsibilities
HSA RolloversAdditional Resources •

What is a Health Savings Account (HSA)?

Our Health Savings Account (HSA) is a tax-advantaged deposit account established for the exclusive purpose of paying qualified medical expenses. If you are enrolled in a health insurance plan designated by your provider as an HSA eligible High Deductible Health Plan (HDHP) and meet other health savings account rules and eligibility guidelines, you may open an HSA. 

State Savings Bank Health Savings Accounts are available to residents of Iowa living in Polk, Jasper, and surrounding counties.

Account Benefits

In addition to any costs savings, you realize by enrolling in an HDHP, pairing this type of health care plan with our HSA provides the following 3 health savings account tax benefits:

  1. Contributions you make to the HSA, which do not exceed the maximum annual contribution amount, are deductible by you when determining your adjustable gross income for tax purposes. Contributions your employer makes into the HSA for you under your health plan are also excludable from your gross income.

  2. Distributions from the HSA used exclusively to pay or reimburse qualified medical expenses of the account owner, spouse or dependents are excludable from your gross income.

  3. Interest earned on the account balance is tax-deferred, and if used to pay qualified medical expenses, excludable from your gross income.

This is what is known as "triple-tax-free"; you receive a deduction when you contribute the funds, funds are sheltered from taxation while they grow in the account, and funds can be withdrawn tax-free.

Always refer to the most recent IRS Publication 969: Health Savings Accounts and Other Tax-Favored Health Plans and the HSA Custodial Organizer for official account use and tax guidelines.


Account Features

Though you may find several options offered by banks with HSA accounts, State Savings Bank has two HSA accounts available in Des Moines and Baxter. HSA Self-Only for an account owner with a single coverage HDHP (also known as an “individual health savings account” or “personal HSA”), and HSA Family for an account owner with a family coverage HDHP. The features of the accounts are identical with the exception of the maximum annual contribution limits.

  • No minimum deposit required to open and no minimum balances required.

  • Interest earned is based on our SSB Select Checking interest rates. Click here to view rates.

  • A debit card is available at no charge, checks can be ordered at the customer's expense.

  • e-Statements are provided at no charge, paper statements are available for $5.00/statement. 

  • HSA funds can be invested in HSA CDs.  Click here to view HSA CD details.


How an HSA Works

An HSA works in conjunction with your HDHP. You deposit funds into your HSA and then use those funds to pay for qualified out-of-pocket medical expenses, such as your insurance deductible, and medical, dental, and vision expenses including those not covered by your plan. 

Money in your account earns interest and accumulates from year to year. The bank maintains the records necessary for IRS reporting on the HSA.


Contribution Limits

There are annual limits set by the Internal Revenue Service each year guiding how much you and/or your employer can contribute to an HSA. HSA contributions for a particular tax year can be made any time prior to filing your federal income tax return for the taxable year.



Self-Only Coverage - $3,850

Self-Only Coverage - $4,150

Family Coverage - $7,750

Family Coverage - $8,300*

Catch up Contribution - $1,000 (Age 55 or Older)

Catch up Contribution - $1,000 (Age 55 or Older)

2024 will be the first year that an HSA-eligible couple who are both older than 55 will be able to contribute a combined amount over $10,000. ($8,300 +$1000 + $1000 = $10,300)


Account Holder Responsibilities

You are responsible for knowing your contribution limits, contribution deadlines, account balances, ongoing eligibility of account holders, impending contribution deadlines, and for keeping receipts and records to support the account's distributions. You are also responsible for knowing the details of your HDHP plan, such as your deductible and coverage details.


HSA Rollovers

You may transfer some or all of your balance from an existing HSA or an Archer Medical Savings Account (MSA), to a State Savings Bank HSA.  After you open your HSA here, contact your existing HSA or MSA provider for a rollover form and they will initiate the transfer. Additionally, you may do a one-time rollover from a Flexible Spending Account (FSA), a Health Reimbursement Account (HRA), or an Individual Retirement Account (IRA).


Additional HSA Resources

We have compiled a list of Frequently Asked Questions at the bottom of this page to help you better understand Health Savings Accounts. If you have additional questions and would like to contact us, we will quickly get back to you.

Download a copy of our HSA custodial organizer including an application form. 

Your HDHP plan provider is your best resource for details about your specific health plan and can help you understand if yours is eligible for an HSA. We also encourage you to seek the guidance of a tax or legal professional to ensure that you receive the full tax benefits available to HSA account holders.


How to Open a Health Savings Account

We’d love to be your health savings account bank. If you’re ready to start your HSA today with an HSA application, have questions about health savings account eligibility, or need other assistance, contact us in regards to the best banking options for you from online loans, mortgages, agriculture services, to savings and checking accounts, and more.

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Health Savings Accounts Frequently Asked Questions

  • What is a Health Savings Account?
  • Who Can Open an HSA?
  • Who is Covered by an HSA?
  • What are the Benefits of an HSA?
  • Can I Calculate How Much I Can Save by Opening an HSA?
  • What is a Qualified Medical Expense?
  • How Much Can I Contribute to an HSA?
  • What Happens to my HSA if I Enroll in Medicare or Turn 65?
  • What Happens to my HSA if I Die?
  • How do I Deposit or Withdraw Funds from an HSA?
  • Who is Responsible for Monitoring HSA Use?
  • What Happens if I Change my HDHP Coverage?
  • What Happens if I Use my HSA for Other Purposes?
  • What are the Advantages of Opening an HSA at a Bank?
  • If I Have an Existing HSA, Can I Roll it Over to a New HSA?
  • Can I Have More Than One HSA?
  • Where Can I Get Additional Information?
  • Can Same-Sex Couples or Domestic Partners Open an HSA?
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