Save money and invest in your health.
Medical expenses are often unexpected, so it’s nice to know you can be prepared with a Bank Iowa Health Savings Account (HSA). Plus, you’ll enjoy several tax-free advantages while you save, knowing any unused savings will grow year after year.
How does an HSA work?
A Bank Iowa HSA provides a simple way to manage and pay medical bills. This account can be used in conjunction with a high-deductible health plan (HDHP) to help save money for medical expenses that fall below your deductible. Make tax-exempt, FDIC-insured contributions that can be used to pay for qualified healthcare expenses* for you and your family at any time without tax liability. You choose your contribution level and then use your HSA like a regular checking account to pay for doctor visits, orthodontia, prescriptions, vision care and much more with a Bank Iowa HSA debit card, a written check or online bill pay. With your yearly contribution to a Bank Iowa HSA, you can carry over your balance from year to year with no “use it or lose it” policy.
Tap & Go
Easy transactions with a free HSA debit card
Tax-Free Contributions
Save money for future medical costs and earn tax-free interest with low annual fee of $20
Account Management
Manage and track purchases, pay bills, and more with Online & Mobile Banking
Who Can Qualify?
- Must be under the age of 65 & have coverage under an HSA-qualified HDHP
- Cannot be covered under another type of health plan or enrolled in Medicare
- Must not be claimed as a dependent on another person’s tax return
Additional HSA benefits
- No minimum balance or opening deposit is required and you keep your HSA regardless of a change in coverage or employment
- Receive free eStatements (printed statements available for a $2 monthly service charge).
What are HSA contribution limits?
The maximum amount you are allowed to contribute is based on IRS limits and is different for individuals versus family coverage. If you are 55 or older, you are allowed to make “catch-up” contributions. Please visit irs.gov for current contribution limits.
* For a complete list of qualified medical expenses, visit irs.gov.