Use pre-tax dollars to pay for current and future medical expenses. An HSA combines a high-deductible insurance plan with a tax-exempt savings account.
A Central Bank HSA offers a triple tax advantage – deposits are tax deductible, growth is tax-deferred and spending is tax-free if used for qualified health care expenses. You must be enrolled in a qualified high deductible health plan to enroll. Once enrolled, you own your HSA even if you change jobs or retire. Plus, the balances roll over from year to year.
HSAs work just like a normal checking account. You can use a debit card or online bill pay for medical expenses. You put money into the account just like depositing money into a checking account. You can also view your transactions online and in a monthly statement.
No. HSAs are individually owned. However, you may authorize your spouse to allow them to get information on your HSA and add them as a dependent so a debit card can be ordered for them.
Anyone can contribute to your HSA.
There are several ways you can contribute to your HSA - employer payroll deduction, add your bank account online in HSA Central and transfers funds, transfer HSA funds from a separate HSA account, or check deposit at all Central Bank locations.
| 2024 | 2025 |
|---|---|
| Maximum Contribution Limit | Self-only: $4,150 |
You must report the excess amount as gross income on your income tax and an excise tax will apply. You can remove excess contributions by contacting us, but fees may apply.
A High Deductible Health Plan, also known as an HDHP is a healthcare option that often offers a lower monthly premium in exchange for a higher deductible. This type of plan is often paired with a health savings account option by employers.
Yes, you can have some additional coverage, called “permitted insurance,” including:
To qualify for an HSA, you must meet the following requirements:
Your contributions are 100 percent tax deductible, contributions made by an employer are excluded from gross income and funds grow on a tax-deferred basis.
Yes. Annual contributions should be made by your tax filing deadline. Generally, April 15 of the following year.
For a complete list, visit irs.gov or view our list.
Yes. As long as the qualified health care expense occurred after you opened the HSA, you can pay or reimburse yourself with HSA funds. Keep copies of your receipts to verify your funds were used for qualified health care expenses and not paid for by another source or taken as an itemized deduction for a prior tax year.
Those funds are considered part of your gross income and subject to income tax plus a 20 percent IRS penalty. Funds used after an account holder's death or disability or after age 65 are not subject to the 20 percent penalty.
Unused balances roll over from year to year. You won't lose your money if you don't spend it within the year.
This icon indicates a link to third-party content. By clicking on the link, you will leave our website and enter a site not owned by the bank. The site you will enter may be less secure and may have a privacy statement that differs from the bank. The products and services offered on this third-party website are not provided or guaranteed by the bank.
Member FDIC. Equal Housing Lender. NMLS #407985
If you want to buy or refinance your home, start with our Mortgage Center.
Discover a range of valuable financial topics in our Learning Center.
Can you afford that home? Or pay off that debt? Try one of our Financial Calculators.
Pay off debt or purchase that new auto with our flexible financing options.
Our credit cards are a tool that can help you manage your finances with awesome rewards!
This icon indicates a link to third-party content. By clicking on the link, you will leave our website and enter a site not owned by the bank. The site you will enter may be less secure and may have a privacy statement that differs from the bank. The products and services offered on this third-party website are not provided or guaranteed by the bank.
Member FDIC. Equal Housing Lender. NMLS #407985
Have a question? Check out our most frequently asked Online Banking questions.
If you have a complaint, question, or a compliment, we'd love to hear from you.
Send a message to our support staff through our secure email channel.
In the event of a lost or stolen card, contact us anytime day or night to avoid fraud.
This icon indicates a link to third-party content. By clicking on the link, you will leave our website and enter a site not owned by the bank. The site you will enter may be less secure and may have a privacy statement that differs from the bank. The products and services offered on this third-party website are not provided or guaranteed by the bank.
Member FDIC. Equal Housing Lender. NMLS #407985
This icon indicates a link to third-party content. By clicking on the link, you will leave our website and enter a site not owned by the bank. The site you will enter may be less secure and may have a privacy statement that differs from the bank. The products and services offered on this third-party website are not provided or guaranteed by the bank.
Member FDIC. Equal Housing Lender. NMLS #407985
Beginning of dialog window. Escape will cancel and close the window, as will the close button. Please provide your zip code so the right information can be displayed for your location.
We need this to give you the right information for your location.
