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Health Savings Account (HSA)

A Health Savings Account (HSA) from Reliance State Bank combined with a High-Deductible Health Plan from your insurance provider can reduce healthcare costs and provide you with a tax-advantaged, medical savings account.  Contact your employer or insurance agent to see if you qualify for an HSA and inform your tax preparer of your participation.

The Benefits of owning an HSA:

  • Long-term Savings: HSA funds roll over from year to year and always belong to you, growing tax deferred. Funds can be used for medical expenses and, at the age of 65, can be withdrawn penalty free for any reason.
  • Convenient: A Reliance State Bank debit card can be used to pay medical expenses at the point of service. You can take advantage of direct deposit to transfer money to your HSA.
  • Control: HSAs give you greater freedom when making healthcare choices. You can also decide how much and when you want to contribute to your HSA.
  • Tax Savings: HSA deposits are tax deductible and can be used to pay for medical expenses at any time. We recommend that you consult a tax advisor for details.

Reliance State Bank HSA Features: 

  • Must be in a qualified High-Deductible Health Plan (HDHP)
  • No Set Up Fee
  • $5.00 Annual Fee in 2017
  • No Monthly Maintenance Fee
  • Interest earned Monthly with a Tiered Rate
  • Free Debit Card
  • Free Online Statements
  • Free Online Access
  • Minimum Opening Balance $100

Not sure if a High-Deductible Health Plan is right for you? Visiting with your trusted insurance agent or your Human Resources Department is the first place to begin. An HSA Calculator is another great resource to use in your research. This Wellmark calculator can help get you started.

Maximum Contributions

  2016 2017
Single HDHP $3,350 $3,400
Family HDHP $6,750 $6,750


For individuals age 55 and older who are still eligible to contribute to an HSA, the maximum "catch-up contribution" for 2016 is $1,000 and for 2017 is $1,000.

Sales tax applies to annual fee.

For more information contact us at 515.733.4396 in Story City or 641.923.2801 in Garner.  You can also email info@RSBiowa.com.

Further information can be obtained through the United States Department of the Treasury website at www.treasury.gov/resource-center/faqs/Taxes/Pages/Health-Savings-Accounts.aspx.

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