Health Savings Accounts (HSAs)

Protect your finances against illness, injuries and much more

Even the healthiest people often need health care services of some type. But the cost of routine exams and extensive treatment can strain household budgets. With a West Gate Bank® HSA, you can set aside funds for doctor, dental and vision care, earn tax-free interest, and put yourself in position to get healthy - and stay there.

• Designed for individuals and families with high-deductible health plansˆ
• Only $10 to open account
• No minimum balance or service charge
• Contribute up to annual limit for individuals or familiesˆ
• Interest is paid monthly on all balances and calculated using the daily balance method 
• Interest income is tax-exempt and all qualified withdrawals are tax-free
• Unlimited ATM withdrawals worldwide*
• Free Online and Mobile Banking, Bill Pay
• Free West Gate Bank HSA Debit Card and duplicate checks
• Account balance may accumulate year-over-year and is not required to be used annually
• Unlike employer-sponsored plans, you may keep your HSA if you lose your job or change jobs

Additional Information

For your assets to retain their tax-free status, they may only be used for certain expenses, including:

• Actual medical expenses, including doctor visits, hospital stays, dental and vision care, prescriptions, and transportation to get medical care
• Long-term care insurance
• Certain continuation of previous health-care coverage
  

Non-qualified use of HSA assets are subject to taxation and a 20% penalty unless the HSA account holder is 65 or older, dies, or is disabled.

Government Reporting

• HSA holders must report all contributions (credits) and distributions (debits) on their individual tax returns.
• An employer contribution is reported on a business tax return, as well as the W-2 form of any employee receiving a contribution.
• All contributions and distributions from any HSA are also reported by the custodian or trustee where the HSA is held (i.e. the bank).