Health Savings Accounts
A Health Savings Account (HSA) is a tax-exempt deposit account set up specifically to pay for medical expenses. Just like a regular checking account, you can write checks or use a debit card for qualifying health costs for you or your family. In conjunction with a high-deductible health plan, a Northwestern HSA can provide tax savings while your account earns interest.
Account Features
- Contributions may be fully tax-deductible.
- Distributions for qualified medical expenses are tax-free.
- Tiered interest rate earnings - a higher balance pays a higher rate.
$150 to 2,499.99
$2,500 to 9,999.99
$10,000 to 24,999.99
$25,000 to 99,999.99
$100,000 or more
- Deposits can be deducted directly from payroll or transferred electronically from an existing account.
- No monthly service fee.
- Minimum opening balance is just $150.
- Receive an easy-to read quarterly statement.
- Debit cards provided (personalized checks also available) for medical expenses.
HSAs for Business
Setting up a Northwestern HSA for your employees is a cost-saving way to help fund healthcare costs. Just like a regular checking account, employees can write checks or use a debit card for qualifying health costs for themselves and their families. In conjunction with a high-deductible health plan, a Northwestern HSA provides tax savings while the account earns interest. If you own a business, Northwestern will gladly work directly with you to set up HSA accounts for your employees.For more information, or to open your HSA, contact your local Northwestern Bank office or call toll-free 1-866-935-4357.
To download a Health Savings Account application in PDF format, click here. Please apply directly with your local office.