Health Savings Account

Why a Park Bank Health Savings Account (HSA)?

It’s no secret that health insurance can cost a pretty penny. If you are covered by a high deductible health plan (HDHP), you can be on the line for a large amount of money before your insurance deductible kicks in. However, a health savings account from Park Bank can help you save specifically for health care costs.

Our HSA is a checking account solution designed for those with a “High Deductible Health Plan” (HDHP). Your HSA Visa^® debit card gives you more flexibility to pay for your qualified healthcare expenses.

What is an HSA?

A health savings account, or HSA, is a separate savings account you can contribute to where funds can be used only for qualifying health care expenses. The funds in an HSA are available to you, a spouse, or any child dependent’s health care.

• It is your account, meaning it stays with you as you switch jobs. Plus, funds roll over from year to year.
• There are also possible tax advantages for using a health savings account (please consult with your tax advisor).
• Contributions can be made by you and your employer if they offer this benefit.

Is using an HSA similar to using a regular checking account?

Yes. When you receive treatment for a qualified medical need, you simply pay with a check or special Visa^® debit card we provide to you. While it is your responsibility to know which medical expenses you can use your HSA for as an account owner, we can help by providing you with information regarding what is considered a qualified healthcare expense. You may incur income tax or IRS penalties for using funds from your HSA for non-medical costs.

Benefits and Features

• Online live chat support (during business hours)
• Mobile and Online Banking*
  • Bill Pay
  • eStatements
  • Mobile Deposit
  • Account Alerts
  • Credit Sense^SM
  • TransferNow^®
• Notary service
• Signature guarantee
• Medallion stamp**
• TeleBank