Health Savings Account, the RIGHT choice for your health and your wealth.
Valley National Bank offers a great financial tool to help with the high cost of healthcare. It's called a Health Savings Account (HSA), and it's a great way to save money for future health related expenses. A Valley National Bank Health Savings Account provides a convenient, tax advantaged way to make healthcare more affordable for those with an HSA compatible High Deductible Health Plan (HDHP).
To be eligible for a Health Savings Account:
- You must be covered under an HSA compatible High Deductible Health Plan (HDHP).
- You must not be covered under any other health plan that is not an HSA compatible high deductible health plan (some exceptions may apply)
- You cannot be enrolled in Medicare
- You cannot be claimed as a dependent on someone else's tax return
Questions? Contact us, or visit your local branch or call our 24/7 customer call center at 1-800-522-4100.
|Year-to-year accrued deposits
||Yes (Funds rollover from year to year. Funds will accumulate for future medical needs)
||$3.00 assessed on the last day of the month
|HSA Debit Card
|Early Termination Fee
||A termination fee of $25.00 will be assessed if you close your account within 90 days of its opening date.
||Tax-free distributions when used to pay qualified medical expenses (for yourself, your spouse, and dependents) The IRS determines what qualifies as a medical expense (IRS Publication 502)
||Maximum contributions are set annually by the IRS
||Additional catch-up contributions available for those age 55 to 65
*See the Schedule of Fees for additional consumer account information.