A Health Savings Account (HSA) from LaPorte Savings Bank will allow individuals a tax-advantaged way to save money for medical expenses. Our account offers competitive interest rates and a low minimum deposit to open.
To be eligible for an HSA Account an individual must meet the following requirements:
- You must be enrolled in a High Deductible Health Plan (HDHP).
- You cannot have any other healthcare coverage except as permitted by IRS guidelines.
- You cannot be enrolled in Medicare.
- You cannot be claimed as a dependent on someone else’s tax return.
What is a Health Savings Account (HSA)?
A Health Savings Account (HSA) is a trust or custodial account similar to that of an Individual Retirement Account (IRA) that is created exclusively for the benefit of the account holder. An HSA allows individuals enrolled in a High Deductible Health Plan to save money tax-free for medical expenses.
What are the benefits of an HSA?
- You can claim your account contributions as a tax deduction.
- Contributions made to an HSA remain in the account from year to year until needed or used.
- The interest earned on the account balance is tax-free.
- Withdrawals can be made tax-free for qualified medical expenses.
The benefits of a LaPorte Savings Bank Health Savings Account (HSA):
Minimum to Open
(Waived if account is company funded) |
$ 100 |
 |
Minimum Balance Required to
Avoid Monthly Service Fee |
$ 300 |
Monthly Service Fee
(If balance falls below $300.00) |
$ 3.00 |
| HSA Debit Card |
FREE |
| Online Account Access |
FREE |
| Monthly Account Statement |
FREE |
Account holders can choose between receiving a paper or electronic statement of their account activity at no charge. Account holders will be provided a set of checks at account opening. An HSA debit card will be received within 14 business days of account opening. Unlimited debit card transactions are permitted on this account.
At the end of each year, LaPorte Savings Bank will provide HSA account holders with the appropriate tax reporting documents. Each account holder will receive Form 1099-SA that will summarize the distributions made on the account as well as Form 5498-HS that will summarize the contributions made to the account that year.
For additional information on LaPorte Savings Bank HSA accounts, click the links below, or contact Lori Sopko, Trust Administrator, at (219) 362-7511.
Frequently Asked Questions
HSA Quick Reference Guide
HSA Informational Flyer
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The standard insurance amount of $250,000 per depositor is in effect through December 31, 2013.
On January 1, 2014, the standard insurance amount will return to $100,000 per depositor for all account categories except IRAs and other certain retirement accounts, which will remain at $250,000 per depositor.
LaPorte Savings Bank is participating in the FDIC’s Transaction Account Guarantee Program. Under that program, through June 30, 2010, all noninterest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC’s general deposit insurance rules.
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