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Health Savings Account

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First Aid for Healthcare Bills

Save for future medical expenses while receiving tax breaks at the same time with a Health Savings Account (HSA).


HSAs are available to individuals who have coverage under an HSA-qualified "high deductible health plan" (HDHP). Federal law requires that the health insurance deductible be at least $1,350* annually for an individual and $2,700* or more annually for a family. Generally, this is health insurance that does not cover first dollar medical expenses.

In general, an individual is eligible to contribute to an HSA for any month he or she is covered under a High Deductible Health Plan (HDHP), is not also covered by any other health plan that is not an HDHP (with certain exceptions), is not enrolled in Medicare, and is not eligible to be claimed as a dependent on another person's tax return.

Account Types

To fit your needs, you can open a Health Savings, Checking or Money Market Account.


Once you open an HSA, you may contribute up to $3,450* per individual and $6,900* per family for tax year 2018. Those who turn 55 by the end of the tax year can increase their annual HSA contributions by $1,000.


Unlike an employer's flexible spending account that enforces a "use it or lose it" rule, you can roll over money saved into an HSA from year to year.

You can withdraw the money tax-free for qualified medical expenses. This includes most medical care and services, including dental and vision care. This also includes prescriptions and over-the-counter drugs.

More information

Visit the branch nearest you or call (631) 698-7000, ext. 6780.


* 2017 amounts; adjusted annually for inflation