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 Health Savings Account Information (HSA)


Open a Health Savings Account today to save for immediate medical expenses, future medical expenses or retirement expenses including Medicare.
 

  • Interest Bearing Checking Account - Click Here to View Current Rates 

  • $500.00 Minimum Balance to Open Account 

  • Account is owned by you and funds belong to you 

  • Funds stay with you year to year
     
  • No service charge if enrolled in monthly E-Statements - if not a Monthly Paper Statement Fee of $5.00 

  • Account information accessible via Bank of Brodhead Online Banking and mobile app for iPhone and Android 

  • No fee for checks 

  • No fee for first Check Card 

  • No transaction fees 

  • Transactions permitted – Checks, ATM Withdrawals, POS Transactions, & Online Transfers 

  • Fees could reduce earnings 

  • Rates are subject to change without notice


Health Savings Account Eligibility to Open an Account


  • Be covered by a High Deductible Health Plan (HDHP) that meets minimum deductible and maximum out of pocket requirements (as defined by Congress)
    (These amounts are determined by the IRS and adjusted annually)

  • May not be covered by other type of medical insurance except for vision and dental
    (Other coverage may interfere with minimum deductible requirement and could make you ineligible for the Health Savings Account)

  • Cannot be enrolled in Medicare

  • Cannot be a dependent on someone else’s tax return 


Resources 


IRS Publication 969 Health Savings Accounts and Other Tax-Favored Health Plans

IRS Publication 502 Medical and Dental Expenses
 

Wisconsin Department of Revenue Health Savings Account Fact Sheet 1105