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Health Savings Account (HSA)
An HSA is a personal account you can contribute to and draw from to pay for many out-of-pocket medical costs like doctor visits, prescriptions, vision, and dental care.
An HSA That Helps You Save for Health Care
Save for Health Care with an HSA
Opening an HSA account is easy. Simply contact your local branch and an advisor can assist you with the process. Because an HSA is an individual account, it cannot be held jointly, but all eligible members of your family can benefit from it.
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No account minimums
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Special HSA Mastercard® debit card
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Contributions are tax-deductible
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Balance rolls over each year
Who is Eligible?
Individual HSAs are available to those who also participate in a qualified High Deductible Health Plan (HDHP) for medical expenses.
Make Contributions. Grow Your Account.
Depending on your plan (single or family), you may contribute up to the annual IRS limits. Add to your HSA through Direct Deposit, online transfers from a personal checking or savings account, or rollover funds from another HSA. A $30 transfer fee applies if you move your HSA to another institution.
Advantages of an HSA
Save On Medical Treatment
Pay less for a HDHP and use the premium savings to fund your HSA.
Cover Medical Expenses
HSA funds can be used for a wide range of healthcare-related expenses not typically covered by other healthcare accounts.
Control Your Account
Your money is in your hands. You get to decide whether to save it or use it for medical expenses.
Keep Your Money
The money you save stays. Your HSA is a lifetime account that is not tied to any one health plan or employer.
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(HSA) Health Savings Account FAQs
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What expenses are qualified to be paid with a Health Savings Account (HSA)?
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Actual medical expenses such as prescriptions, doctor visits, dental care, medical care transportation, etc.
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Long-term care health insurance
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Healthcare coverage
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Unemployed or Benefit Continuation
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Some health insurance after the age of 65
Note: Uses of HSA assets that are not qualified will be subject to taxation, and a 20% penalty unless the HSA account beneficiary is age 65 years or older is disabled or dies.
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Am I Eligible for an HSA Account?
You are eligible if you have a high-deductible health plan (HDHP) and you are not covered by any other health plan that is not an HDHP (with limited exceptions). You are not entitled to benefits under Medicare (generally not yet age 65). If someone else cannot claim you as a dependent on their tax return.
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What are the HSA Contribution Limits?
The total amount you or your employer may contribute to an HSA for any taxable year depends on whether you have individual or family coverage under a high-deductible health plan.
2026 HSA Contribution Limits: Self Only: $4,400; Family: $8,750. If you are 55 or older, add the catch-up contribution — standard annual limit plus $1,000.
As always, employer contributions count toward this total annual limit, and you must be enrolled in an HSA-eligible high-deductible health plan (HDHP) for the coverage type (self-only or family) you use.
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How do I Report Contributions to My HSA?
Horizon Bank will provide all necessary tax documents for your filing purposes.
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I'm Self-Employed. Am I Still Eligible for an HSA?
Self-employed people may have an HSA. Self-employed individuals are often perfect candidates for an HSA. HSAs are ideal for the self-employed for the following reasons: Often, High-deductible insurance plans contain significant premium costs, and HSAs can be a useful cost management resource for the employer. The employer is protected from substantial healthcare expenses. The HSA may provide for both retirement and medical expenses.