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Health Savings Account Details


  • Contributions are tax deductible, which saves money on income taxes paid each year
  • IRA holders may make a one-time "direct rollover" to an HSA
  • Flexible Spending Account (FSA) holders may make a one-time health FSA asset transfer to an HSA
  • Tiered Interest Rate - as your balance grows, your interest rate increases
  • Qualified distributions are tax free
  • No minimum balance required

Who is eligible for an HSA?

  • Anyone covered under a High-Deductible Health Plan (HDHP)
  • Anyone not covered by any other health plan that is not an HDHP
  • Anyone not enrolled in Medicare
  • Anyone not claimed as a dependent on another individual's tax return

What is eligible for an HSA?

What is a High Deductible Health Plan that would be eligible for Health Savings Account?

  • A plan with a deductible no less than $1,400 for Self-Only coverage or $2,800 for Family coverage (2024)
  • A plan that limits out-of-pocket expenses to a maximum of $7,050 for Self-Only coverage or $14,100 for Family coverage (2024)

How much can I contribute to my HSA?

  • 2024 - $4,150 (Self-Only) $8,300 (Family)
  • Additionally, a "catch-up" contribution of $1,000 is available for eligible individuals who are age 55 or older by the end of their taxable year and have not enrolled in Medicare.

*Each depositor insured to at least $250,000.

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There is a $10 monthly administration charge for all single relationship accounts; however, if the customer has other relationships with Itasca Bank & Trust Co., the fee will not be assessed.

Subsequent Deposits: We expect most accounts with recurring deposits will be funded via employer payroll deductions. Itasca Bank & Trust Co. offers full direct deposit capabilities, enabling these deposit transactions to be fully automated.

Taxable Withdrawals: Account-holders are required to request non-medical expense-related withdrawals using a special Withdrawal Request Document. As noted in the form, taxable withdrawals may be made either in person at Itasca Bank & Trust Co. or by mailing a completed Withdrawal Request Document to us at:

Health Savings Account Administrator
Itasca Bank & Trust Co.
308 W. Irving Park Rd.
Itasca, Illinois 60143

When sending an email to anyone at Itasca Bank & Trust Co., please do not include passwords, account numbers, or any other confidential financial or personal information. 

For questions, additional information, or to open an HSA, contact one of our Relationship Bankers at 630-773-0350.

About Us

Itasca Bank & Trust Co.

Itasca Bank & Trust Co., an independent, locally-owned bank, offers a broad spectrum of deposit accounts, savings products, and loans that are sure to suit your individual and business needs.

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