Horizon Bank


Health Savings Accounts

Horizon Bank Health Savings helps you fight rising medical costs by giving you tax benefits on medical expenses incurred by you or your dependents.

  • Tax Benefits. Contributions to your HSA are tax deductible & HSA Earnings are tax-free; no minimum balance required

  • Medical Protection. Your HSA won't be taxed if used for qualified medical expenditures

  • Retirement Savings. HSA assets are able to rollover yearly

  • Easily Access your money through a specific checking account, giving you access to Interest, Debit Cards, Checks, Online Banking, Monthly Statements, Rollovers, & Transfers

Transfer fee $30 if transferring your HSA account to another institution.


What Expenses Qualify to be Paid with an HSA?

Actual medical expenses: prescribed prescriptions, doctor visits, dental care, medical care transportation, etc. Long-term Care health insurance Healthcare coverage: Unemployed or Benefit Continuation Some health insurance after the age of 65 Note: Uses of HSA assets that are not qualified will be subject to taxation and a 20% penalty, unless the HSA account beneficiary is age 65 years or older is disabled or dies.

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I'm Self-Employed. Am I Still Eligible for an HSA?

Self-employed people may have an HSA. Self-employed individuals are often perfect candidates for an HSA. HSAs are ideal for the self-employed for the following reasons: Often High-deductible insurance plans contain significant premium costs and HSAs can be a useful cost management resource for the employer The employer will be protected from significant healthcare expenses The HSA may provide for both retirement and medical expenses.

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How Do I Report Contributions to My HSA?

Horizon Bank will ensure you are provided with all necessary tax documents for your filing purposes.

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Am I Eligible for an HSA account?

You are eligible if you are covered under a high-deductible health plan (HDHP) on the first day of such month. You are not also covered by any other health plan that is not an HDHP (with limited exceptions). You are not entitled to benefits under Medicare (generally not yet age 65) You are not able to be claimed as a dependent on another person's tax return.

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What Are the HSA Contribution Rules?

The total amount you or your employer may contribute to an HSA for any taxable year is dependent upon whether you have individual or family coverage under a high deductible health plan. 2021 HSA Contribution Limits: Self Only: $3,600 Family: $7,200. For those 55+ Self Only: $5,600 Family: 9,200. 

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