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Premier Bank
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Health Savings Accounts

Plan ahead with a health savings account at Premier Bank.

High deductible health plans and medical expenses require forethought to avoid a big hit to the budget should medical needs arise. Set aside funds in an HSA and earn interest tax free on your balance. You can easily access funds to pay for your medical bills, prescription medication, and other eligible expenses. It's a smart investment in your health.

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More about a Premier Bank HSA

HSA Overview

  • No setup or annual fees
  • Contributions are tax free*
  • Interest grows tax free
  • Withdrawals are tax free when used for qualified medical expenses*
  • No minimum balance required to open**
  • Money rolls over year-to-year automatically
  • HSA is owned by you, not your employer
  • Easy withdrawal access by check, debit, online, teller

Eligibility Requirements

  • There are no income requirements or limitations
  • Must be covered under a qualified, high deductible health plan
  • Must not have coverage by another type of health plan
  • Cannot be claimed as a dependent on another person's tax return
  • Cannot be enrolled in Medicare

Contribution Limits

Contribution limits are set by the IRS. Current 2024 contribution limits are:
  • Single Plan HSA: $4,150 if under the age of 55.
  • Family Plan HSA: $8,300 if under the age of 55.
  • Individuals aged 55 and over may contribute an additional $1,000 above the maximum for each tax year.

*If contributions are made after income was taxed, the amount deposited is tax deductible. Withdrawals for non-qualified medical expenses are subject to income tax and a 10% penalty. The 10% penalty is waived for persons 65 and over or who have become disabled.
**A monthly maintenance fee of $2.50 will be imposed if the average daily balance for the statement cycle in your HSA Checking Account falls below $1,500.

Open an account online.