A Health Savings Account is a savings account option used to help individuals and employees with elected high deductible health plans (HDHP) save money and cover medical expenses.
With an HSA, you’re in control: decide just how much you contribute, and when to use your HSA funds to cover your healthcare costs: doctor visits, prescriptions, procedures and so many more!
Benefits of an HSA
Your tax benefits
Pre-tax contributions:
The money you contribute comes directly out of your paycheck – tax-free. If you waited for that money to hit your bank account, and then paid for medical expenses using a standard checking account, those dollars would have already been taxed by Uncle Sam.
But not with your HSA!
AND: Your funds aren’t taxed when you withdraw or pay for medical expenses using your HSA account.
Let your money make money
Once you’ve saved $1,000, you can establish an investment account using your HSA contributions, with a variety of mutual funds to choose from.
All. Tax. Free. Including all earnings, interest and investment returns!
Take control
You own your HSA account, not your employer. However, your employer may make contributions to your account. Family members can too.
Never lose it.
All HSA contributions roll over year after year.
And you won’t lose a penny if you:
Change jobs
Change health plans
Change HSA providers
Convenient and easy access
Your HSA deposits are held in your name at Old National Bank. Because of this you have access to all these features and more.
Visa® Debit Card1
Pay for expenses with a separate card dedicated to your HSA and free ATM access at any Old National ATM
Online/Mobile Access
View your health savings account the same way you do your checking / savings account; view statements, account activity and balance
Online Bill Pay
Pay for medical expenses using online banking at no additional cost.
eStatements
Great way to reduce paper clutter, lower exposure to identity theft and get organized. You can view, download
and print eStatements.
Mobile Deposit
Deposit a check safely and securely with your smartphone.
Text Banking
Use simple text commands to check account balances, transfer funds between accounts and view recent transaction
history.
Account to Account Transfers
Move money between your own accounts at different banks or credit unions.
Shared Access
Safely and easily delegate financial management tasks to designated individuals within Online Banking
