Health Savings Account

Plan for medical expenses while saving on taxes

Inflating medical costs and high deductible health plans are here to stay, but a Collinsville Health Savings Account (HSA) can take the pain out of the process. Similar to a traditional Individual Retirement Account (IRA), an HSA allows you to make pre-tax contributions that earn interest and grow tax-deferred. At Collinsville, your HSA is FDIC-insured and offers a variety of helpful features. Any individual covered by a qualifying high-deductible health plan can contribute.

Any adult can contribute to a HSA if they:

  • Have coverage under an HSA qualified high deductible health plan.
  • Have no other first dollar medical coverage (other types of insurance like specific injury insurance or accident, disability, dental care, vision care, or long term care insurance are permitted).
  • Are not enrolled in Medicare.
  • Cannot be claimed as a dependent on someone else's tax return.

Benefits of a Collinsville Savings Society Health Savings Account (HSA)

  • No monthly fees
  • Free checks and MasterMoney debit card
  • Earn interest that compounds daily
  • Pre-Tax Contributions

The rates on our Health Savings Accounts are very competitive. We have a "Mobile Banking Team" who will go to your place of business and explain the features and benefits of the Health Savings Accounts. For the convenience of the employer and the employees, we will open these accounts on site.

* Refer to a tax professional regarding potential tax benefits.