What if instead of surrendering income to health insurance premiums every month, money set aside for your health care belonged to you? That's how it works with a Health Savings Account from York State Bank. Individuals covered under a high-deductible health plan deposit pre-tax money into a Health Savings Account, and use it to pay qualified medical expenses, tax-free.

Account Features:

  • $10 Set-up Fee
  • No minimum daily balance
  • Monthly maintenance fee of $2.00, if balance falls below $1,000.00
  • Free first box of bank logo checks

HSA Distributions:
Qualified Medical Expenses are medical expenses that are:

  • Incurred on behalf of the HSA owner, spouse or dependents
  • Incurred after an HSA has been established
  • Not covered by insurance
  • Paid by the HSA owner, spouse or dependent

If a distribution is not used for Qualified Medical Expenses:

  • The distribution amount will be included in income
  • A 20% penalty will be assessed; this penalty will be waived upon death, disability or attaining age 65

Account Requirements:

  • Covered by a High Deductible Health Plan (HDHP), which satisfies both annual deductible and an out-of pocket expense requirement
  • Generally not covered by any health plan that is not a HDHP
  • Not enrolled in Medicare
  • Not eligible to be claimed as a dependent on another person's income tax return

Please see the terms and disclosures for additional information about rates, fees and other costs.