Health Savings Account (HSA)

Are you enrolled in a high-deductible health insurance plan? Save for qualified medical expenses in a tax-advantaged Health Savings Account. Have questions or ready to open your new HSA today? Contact us or visit your nearest location.


HSA Benefits

  • Plan that uses pre-tax* dollars to pay for qualified medical expenses
  • Earn competitive interest, like regular savings, to grow funds quickly
  • Interest compounded monthly
  • Account is owned by you, not your employer
  • Money rolls over year-to-year (no “use it or lose it” policy)
  • No monthly service charge
  • No minimum balance requirements
  • Free online banking & bill pay, plus mobile banking
  • Free Visa® debit card to access HSA funds
  • Free monthly bank statement with check images, or choose free e-statements

HSA Requirements:

  • $25.00 minimum opening deposit
  • Must be enrolled in a high deductible healthcare plan (HDHP), not enrolled in Medicare, not able to be claimed as a dependent on another person’s tax return
  • In addition to the $25.00 opening deposit, a $20.00 set up fee must be paid at account opening


How to Set Up a Health Savings Account in Central Illinois

At Flanagan State Bank, we believe we’re one family helping another. As our customer, you can expect to feel valued by a bank that strives to be an asset to our communities and to treat everyone like they matter–because you do. Contact us or visit your nearest location to open a new HSA today!

*Consult your tax adviser. Visa is a registered trademark of Visa International Service Association.