A Health Savings Account (HSA) from LaPorte Savings Bank will allow individuals a tax-advantaged way to save money for medical expenses. Our account offers competitive interest rates and a low minimum deposit to open.
To be eligible for an HSA Account an individual must meet the following requirements:
- You must be enrolled in a High Deductible Health Plan (HDHP).
- You cannot have any other healthcare coverage except as permitted by IRS guidelines.
- You cannot be enrolled in Medicare.
- You cannot be claimed as a dependent on someone else’s tax return.
What is a Health Savings Account (HSA)?
A Health Savings Account (HSA) is a trust or custodial account similar to that of an Individual Retirement Account (IRA) that is created exclusively for the benefit of the account holder. An HSA allows individuals enrolled in a High Deductible Health Plan to save money tax-free for medical expenses.
What are the benefits of an HSA?
- You can claim your account contributions as a tax deduction.
- Contributions made to an HSA remain in the account from year to year until needed or used.
- The interest earned on the account balance is tax-free.
- Withdrawals can be made tax-free for qualified medical expenses.
The benefits of a LaPorte Savings Bank Health Savings Account (HSA):
Minimum to Open
(Waived if account is company funded) |
$ 100 |
 |
Minimum Balance Required to
Avoid Monthly Service Fee |
$ 300 |
Monthly Service Fee
(If balance falls below $300.00) |
$ 3.00 |
| HSA Debit Card |
FREE |
| Online Account Access |
FREE |
| Monthly Account Statement |
FREE |
Account holders can choose between receiving a paper or electronic statement of their account activity at no charge. Account holders will be provided a set of checks at account opening. An HSA debit card will be received within 14 business days of account opening. Unlimited debit card transactions are permitted on this account.
At the end of each year, LaPorte Savings Bank will provide HSA account holders with the appropriate tax reporting documents. Each account holder will receive Form 1099-SA that will summarize the distributions made on the account as well as Form 5498-HS that will summarize the contributions made to the account that year.
For additional information on LaPorte Savings Bank HSA accounts, click the links below, or contact Lori Sopko, Trust Administrator, at (219) 362-7511.
Frequently Asked Questions
HSA Quick Reference Guide
HSA Informational Flyer
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The FDIC Insurance Coverage limit has been permanently increased to $250,000 per depositor, per institution.
IMPORTANT INFORMATION REGARDING THE DODD-FRANK ACT AMENDMENT TO THE FDIC’S NONINTEREST-BEARING TRANSACTION ACCOUNT INSURANCE COVERAGE
All funds in a “noninterest-bearing transaction account” are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010 through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC’s general deposit insurance rules.
The term “noninterest-bearing transaction account” includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. This includes Interest on Lawyers Trust Accounts (“IOLTAs”). It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, and money-market deposit accounts.
For more information about FDIC insurance coverage, or temporary FDIC insurance coverage of transaction accounts, please visit www.fdic.gov.
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