Manage Your Medical Expenses with an HSA
An HSA is a type of savings that allows you to put money aside on a pre-tax basis that can be used to pay for medical expenses. Gain the following benefits when you sign up with Landmark today:
HSA Eligibility
To be eligible for a health savings account, you must match the following requirements:
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Covered by a High Deductible Health Plan (HDHP)2
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No other health coverage*
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Not claimed as a dependent on another person’s tax return
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Not enrolled in Medicare
Qualified Medical Expenses
Make tax-free withdrawals from your health savings account to pay for qualifying medical expenses. This covers most medical, dental and vision expenses as permitted under Federal tax law. More information on health savings accounts can be found at the U.S. Department of Treasury HSA Resource Center.
When you open an HSA with Landmark your account will include a free Visa® Debit Card, making it easy to access your funds for payments at any time.
Helpful Resources
HSA Frequently Asked Questions
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A HSA is a tax-favored savings account you can put money into to save for future medical expenses. See IRS publication 502 website for eligible medical expenses. For more information, please visit any of our branch locations.
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A Health Savings Account (HSA) is a tax-exempt trust or custodial account established with a qualified HSA trustee for the purpose of covering specific medical expenses. To qualify for an HSA, you must meet certain eligibility criteria. Here are the key benefits of an HSA:
- Tax Advantages: Contributions to an HSA are tax-deductible, and any earnings in the account accumulate on a tax-free basis. Additionally, withdrawals for qualified medical expenses are also tax-free.
- Portability: Your HSA account is portable and the balance can be carried over from year to year, which keeps you from being put in a "use it or lose it" position.
- Accessibility: Landmark HSAs offer the convenience of an interest-bearing account, and you can easily access funds through checks and a debit card. In summary, an HSA provides a tax-advantaged way to save for medical expenses, with the flexibility of carrying over funds and convenient access to your money through Landmark HSAs. Please contact us, visit any of our branches or visit the Internal Revenue Service (IRS) publication 969 website for more information.
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To complete an HSA application at one of our branches you will need the following:
- Driver's license or State ID
- Social Security Number
- Mailing address
- Make sure that you are able to meet the IRS requirements to have the HSA. See IRS publication 969.
- If listing beneficiaries, we will need a name, date of birth (DOB) and their relationship to you.
- If you are married and not listing your spouse as the only primary beneficiary, your spouse will need to sign the application as well.
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For information about HSA contribution limits, please visit the IRS website publication 969.
* APY = Annual Percentage Yield
1 - Barring any excess contributions, the end of year balance rolls over to the next year without federal taxes (state taxes may vary).
2 - High Deductible Health Plan. For calendar year 2023, a “High Deductible Health Plan” is defined under 26 U.S.C. § 223(c)(2)(A); as a health plan with an annual deductible that is not less than $1,500 for self-only coverage or $3,000 for family coverage, and the annual out-of-pocket expenses (deductibles, co-payments, and other amounts, but not premiums) are not to exceed $7,500 for self-only coverage or $15,000 for family coverage.
3 - HSA contribution limits for single coverage 2024: $4,150 and 2023: $3,850. Family coverage 2024: $8,300 and 2023: $7,750. Persons age 55 or older can contribute an additional $1,000. Consult a tax advisor regarding tax deductibility.
6 - APY is variable and subject to change. This account is subject to IRS rules governing HSAs. IRS penalties may apply to certain withdrawals. Fees may reduce earnings.