Health Savings Account
The Itasca Bank & Trust Co. Health Savings Account (HSA)* is a tax-deductible custodial account established exclusively for the purpose of paying or reimbursing qualified medical expenses for you, your spouse and dependents.
- 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 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 (2021).
- A plan that limits out-of-pocket expenses to a maximum of $7,000 for Self-Only coverage or $14,000 for Family coverage (2021).
How much can I contribute to my Health Savings Account**?
- 2021 - $3,600 (Self-Only) $7,200 (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.
**Federal and State income tax filing has been extended to May 17, 2021. The last day to make a 2020 contribution to an HSA account has been extended to May 17, 2021.
Health Savings Account Forms
- HSA New Application Packet
- HSA Designation or Change of Beneficiary Form
- HSA Visa Debit Card Application
- HSA Employer Contribution Form
Choose from our value-added list of services to create an account that's right for you.
- 24-Hour Depository at all locations
- 24-Hour Bank by Phone
- Online Banking
- Visa Debit Card
*Standard text messaging and data plan rates may apply.
VARIABLE RATE ACCOUNTS: Interest rate and annual percentage yield may change at our discretion. We may change the interest rate at any time. All interest rates and annual percentage yields are accurate as of the date shown; subject to change without notice. The disclosed annual percentage yield assumes that interest will remain on deposit until maturity. Fees or withdrawals of interest will reduce earnings. For further information regarding these rates, contact a Relationship Banker.
Get started by using our online forms.
Forward Completed Account Application to Itasca Bank & Trust Co. The opening deposit should be included with the application, together with the $15.00 check order fee, if checks are desired.
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.