Primary Bank’s Health Savings Accounts (HSA) are designed for High-Deductible Health Plan (HDHP) holders as a tax-deferred, flexible way to accumulate funds for qualified, out of pocket medical expenses not covered by insurance. HSAs are also perfect for those looking for a way to better prepare for the health costs of retirement.
HSAs, while managed like a normal savings account, have several exclusive advantages and features because of their special design.
Triple Tax Advantage
Contributions to your HSA are tax-deductible up to the IRS’ allowed maximums, any interest earned on your HSA is tax deferred and potentially free and funds from your HSA used for qualified medical expenses are tax free.
Portability
Your HSA is owned by you, not your employer. Funds remain with you even if you change jobs, medical coverage, marital status, or retire.
Flexibility
Your account balance rolls over from year to year. If you are no longer eligible to make contributions, your funds may still be used for qualified medical expenses.
Convenience
You’ll enjoy easy payment and account access with your Health Savings debit card.
Who Can Open a HSA?
In order to be eligible for a HSA, you must:
- Be covered under a HDHP on the first day of the month
- Have no other health coverage except what is permitted
- Not be enrolled in Medicare
- Not be claimed as a dependent on someone else's tax return
What Expenses are Covered?*
Your HSA covers medical expenses for you, your spouse, and your dependents. In general, it covers such things as:
- Medical Expenses
- Dental Care
- Vision Care
- Prescriptions
- Certain medical equipment
- Over the counter medications that are prescribed by your physician
*For a full list of eligible expenses, please review IRS publication number 969.
How Do I Fund My Primary Bank HSA?
Contributions can come straight from your paycheck through payroll deductions or through direct contributions made by you or your family and friends.
How Much Can I Contribute to an HSA?
For 2025, the annual deduction limit for individuals with self-only coverage under a high-deductible health plan is $4,300. The annual deduction limit for individuals with family coverage is $8,550.
Also for 2025, the minimum annual deductible for a high-deductible health plan is $1,650 for self-only coverage and $3,300 for family coverage. The minimum annual-of-pocket limit—such as deductibles, co-payments and other amounts, but not premiums—is $8,300 for self-only coverage and $16,600 for family coverage. Read the IRS publication regarding the 2025 inflation adjusted amounts for Health Savings Accounts (HSAs).
For 2024, the maximum contribution for an individual with self-only coverage under a high-deductible health plan is $4,150 and for family coverage under a high-deductible health plan is $8,300. Participants age 55 or older may make up to $1,000 in additional catch-up contributions.
For more information, please review IRS publication number 969.
Is There a Minimum Balance to Open or Other Fees Associated With a Primary Bank HSA?
- There are no minimum to open an account
- There is no monthly balance requirement
- There are no monthly fees
How Do I Open a HSA With Primary Bank?
Opening your HSA is easy and may only take a few minutes. Please have the following information to complete the online application process:
- Your Social Security Number
- A valid form of identification including U.S. Driver’s License, Passport, or Military ID.
- If applying for a joint account you will need the secondary applicant's name, Social Security Number, date of birth, and information from a valid form of identification.
- For electronic funding, you will need your current bank account and routing number(s).
Where Can I Find Additional Resources?
For more information about a Primary Bank HSA, please contact one of our experienced Bankers at 603-310-7200
Primary Bank recommends that you contact your tax professional for more information about HSAs and to determine if one is right for you.
Already Applied? Check your application status here.