What is a Health Savings Account?


HSAs work in combination with an HSA-compatible (high-deductible) health plan.  The HSA allows you to contribute funds on a pre-tax or tax-deductible basis, which you may use to pay for eligible medical expenses.

What are the advantages of an HSA?


Funds Rollover Annually
There is no “use it or lose it” philosophy. If you don’t use it, you can save it for next year.


Tax Advantages
An HSA provides you triple tax savings:
-tax deductions when you contribute to your account
-tax-free earnings through investment
-tax-free withdrawals for qualified medical expenses


You Own the Account
Even if your HSA-compatible coverage ends, you can still use your HSA funds tax-free for eligible medical expenses


Long-term Investment Opportunities
HSAs are designed to allow individuals to invest HSA dollars if desired, through investment partners who offer stocks, bonds and mutual funds.  Investments are not FDIC insured, are not a deposit or other obligation of or guaranteed by Evans Bank or HSA Bank, and are subject to investment risks including possible loss of principle amount invested.  HSAs not invested through investment partners but remain on deposit with HSA Bank are FDIC insured.


You’re In Charge
You choose when to use your HSA or pay out-of-pocket


Eligible Medical Expenses

An eligible medical expense is an expense that pays for healthcare services, equipment or medications as described in IRS Publication 502*.  In general, your HSA can be used for:

-Expenses applied to your health plan deductible
-Dental care services
-Vision care services
-Prescription drugs and medicines
-Certain medical equipment
A list of Qualified Medical Expenses can be found in IRS Publication 502.


For more information, please contact your Evans banker at any of our convenient locations, or contact our Customer Service Center at 716.926.3313 during normal business hours.
View our Frequently Asked Questions .


Links to Open a Health Savings Account

Open an HSA
Paper Application