Home Personal Banking Health Savings Account Health Savings Account Save for future health expenses and enjoy tax advantages by opening a Health Savings Account with Mechanics Savings Bank. A Health Savings Account (HSA) can be established by eligible individuals1 covered under a high-deductible health plan (HDHP) to save for and fund qualified medical expenses2. Contributions are fully tax-deductible, earnings are tax-deferred, and distributions used to pay for qualified medical expenses are tax-free. Benefits & Features Includes a Health Savings debit card Pay for qualified expenses with a debit card, check, or online First order of checks are free No set up fees No monthly service charge3, if subscribed to e-statements Earns interest You own the account, so it can move with you if you change jobs or health plans 3 $25 minimum balance to open Your employer can contribute4 Contributions/deposits can be made via payroll deduction and direct deposit 3 Instant access to your available balance Balance rolls over from year to year 1 Eligible individuals have a high deductible health plan, are not covered by other health insurance, and are not enrolled in Medicare. 2 Reference IRS publication 502 for “qualified medical expenses”. 3 $2.00 monthly statement fee if not subscribed to e-statements (and receiving paper statements). 4 Check with your employer to verify that contributions may be made to any HSA custodian.