Health Savings Accounts

A Health Savings Account (HSA) is a tax-exempt trust or custodial account, established exclusively for the purpose of paying qualified medical expenses for the account beneficiary, who is covered under a high-deductible health plan.


health savings account

How HSA's Works:

Health Savings Accounts work like a regular checking account and you can use a check or debit card to pay for qualified medical expenses. The funds in the account continue to grow tax-free, year after year.

  • Competitive interest rates
  • Local service
  • Free HSA debit card
  • Check writing (first box free)
  • Monthly statements
  • Year-end reporting for tax purposes

High Deductible Health Plans:

Single Coverage

2020 minimum annual deductible: $1,400.00
2020 maximum annual out-of-pocket expenses: $6,900.00
2020 maximum contributions: $3,550.00


2021 minimum annual deductible: $1,400.00
2021 maximum annual out-of-pocket expenses: $7,000.00
2021 maximum contributions: $3,600.00

Family Coverage

2020 minimum annual deductible: $2,800.00
2020 maximum annual out-of-pocket expenses: $13,800.00
2020 maximum contributions: $7,100.00


2021 minimum annual deductible: $2,800.00
2021 maximum annual out-of-pocket expenses: $14,000.00
2021 maximum contributions: $7,200.00


HSA Catch-Up Contributions

2020 Age 55 and older: $1,000.00
2021 Age 55 and older: $1,000.00


julie-blair

Julie Blair

Retirement Plan Manager

Direct: (320) 634-1004
Email: julie@glenwoodstate.bank