Health Savings Account (HSA)

Unlock the power of your healthcare savings

Are you enrolled in a High Deductible Health Plan (HDHP)? A Health Savings Account (HSA) is your perfect companion, offering a smart way to save, manage, and pay for your healthcare expenses, both now and in the future.

Why choose an HSA?

  • Take Control: An HSA empowers you to take charge of your healthcare costs.
  • Tax Advantages: Enjoy tax benefits while your savings grow in a tiered interest account. View Rates
  • Flexibility: Use your HSA funds for a wide range of qualified medical expenses. Unlike Flexible Spending Accounts (FSA), your balance rolls over to the next year and allows you to grow your health savings.

Eligibility requirements

  • You must be enrolled in a High Deductible Health Plan (HDHP).
  • You are not covered by Medicare or any other health insurance plan.
  • You can't be claimed as a dependent on someone else's tax return.

Learn more about qualifying for an HSA.

Getting started is easy

  • Open your account with a $50 deposit.
  • One-time enrollment fee: $12.
  • Monthly maintenance fee: $4.
  • Enjoy tiered interest rates. View Rates

Contact us and start paying your healthcare costs with a tax-advantaged HSA today.

Frequently asked questions

How much can I contribute to my HSA?

Contribution limits are set by the Internal Revenue Service (IRS) and may change each year.

2024 contribution limits:

  • $4,150 for self-only coverage
  • $8,300 for family coverage
  • Those ages 55 and over may contribute an additional $1,000 as a catch-up contribution

2025 contribution limits:

  • $4,300 for self-only coverage
  • $8,550 for family coverage

Learn more about contribution limits set by the IRS.

Can I view my HSA online?

Yes, enroll online or from our mobile app to view balances, review transactions, and access statements. During enrollment, choose "Checking account" as the Type of Account on the "Enrollment" screen for mobile and online banking.

How do I use funds from my HSA for eligible healthcare expenses?

With a Bank of Ann Arbor HSA, you have several options to pay eligible expenses:

  • Option 1: Use your HSA debit card.
  • Option 2: Reimburse yourself after paying eligible expenses. Use mobile or online banking to transfer money between your HSA and a different account at Bank of Ann Arbor or at another financial institution.
  • Option 3: Pay online using Bill Pay or directly through your provider's website, if offered. When making payments online, enter your health savings account details as a checking account, not a savings account.

My tax preparer says I over contributed to my HSA and an adjustment is required, what do I do?

Contact us to make "excess contribution" withdrawals. If you are unsure of how much to withdrawal, consult a tax advisor to determine the correct amount.

I withdrew money for a non-covered expense, what do I do?

If you are requiring adjustments to your HSA due to an ineligible expense withdrawal, Contact us.

I have a separate HSA from a past employer, can I consolidate them?

Yes. Contact us and we can help you consolidate funds from multiple accounts into one.

Still have questions? Contact us for more information.

Resources for Businesses

Employer Contribution form

Bank of Ann Arbor does not provide tax advice. Please consult your own tax advisors for complete information about Health Savings Account tax guidelines and eligibility requirements.