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Personal Banking

(HSA) Health Savings Account

A Tax Advantage to Offset Health Care Expenses

Health Savings Accounts, or HSA's, were created by Congress to combat rising medical costs by providing an incentive for more consumers to pay "first-dollar" medical expenses. Your HSA can accumulate and grow for future medical expenses, qualified long-term care services, or retirement. HSA's allow for tax-deductible contributions and tax-free distributions for qualified medical expenses. You control your medical spending.

Health Savings Accounts work hand in hand with a higher deductible health insurance plan. You are an eligible individual for any month if you:

  • Are covered under a high deductible health plan on the first day of such month;
  • Are not also covered by any other health plan that is not a high deductible health plan (with limited exceptions);
  • Are not enrolled for benefits under Medicare (generally not yet age 65); and
  • Are not able to be claimed as a dependent on another person's tax return.

Health Savings Accounts are subject to certain conditions:

  • $100 minimum deposit to open account
  • $25 set-up fee – includes EWSB VISA Check Card (Debit Card) and your first box of East Wisconsin style duplicate checks
  • No monthly maintenance fees when you maintain a balance of $200 or more. Accounts with lower balances are charged $3/month plus $0.15 per item.
  • Earn interest when you maintain a balance of $500 or more

We welcome the opportunity to serve you with a Health Savings Account that can provide peace of mind and significant tax benefits. East Wisconsin's Health Savings Account (HSA) truly fits our desire to help members...Build a 'Wonderful Life'.

For more information about opening a (HSA) Health Savings Account, call or stop in and see a Member Relations Representative, or use our convenient contact us page.

**** Fees could reduce earnings****

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