Health Savings Account (HSA)

As much as we aim to control outcomes, we can’t always do so when it comes to our health. However, with a Health Savings Account from Clover Community Bank, we can have more control over medical-related expenses. On top of competitive interest, this account offers triple tax savings.* And regardless of life changes, your HSA always remains in your name with your same unused funds. Plan ahead in an HSA. 

Summary
  • Greater personal control over healthcare management and expenses
  • Prepare for qualified medical expenses
  • Earn interest above standard savings on entire balance
  • An HSA provides triple tax savings:
    • Tax deductions when you contribute to your account
    • Tax-free earnings through investment
    • Tax-free withdrawals for qualified medical, dental, vision expenses, and more*
  • Contributions are tax-free and can be made by you, your employer, or a third party
  • Funds can be withdrawn at any time**
    • Funds can be conveniently accessed by writing checks or using a debit card
  • Avoid the $4 monthly service fee by maintaining a $100 minimum daily balance
  • Unused funds remain in account year after year; no "use it or lose it" policy
  • Keep your HSA in your name, regardless of career or life changes
  • Federally insured by FDIC
  • $100 minimum deposit to open
Eligibility

Most adults under 65 who are not enrolled in Medicare and are covered under a high-deductible health plan (HDHP) can qualify for an HSA, but it is up to the account holders to determine their own eligibility. Please contact your tax advisor for further eligibility requirements.

Because life happens
when you least expect it.

Apply at a branch — See Locations & Hours

*Consult a tax advisor.

**You can withdraw funds at any time for any purpose. However, if funds are withdrawn for reasons other than qualified medical expenses, the amount withdrawn will be included as taxable income, and is subject to a 10% penalty