Health Savings Account (HSA)

Healthcare costs can be unpredictable—be prepared with an innovative account that helps you save for qualified expenses. 
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Save for medical and other healthcare cost.

Contribute pre-tax dollars to your HSA and enjoy tax-free withdrawals2. If you decide to invest some of your HSA balance, those earnings will also be tax-free1. HSA funds can be used at any time in your life; there is no “use it or lose it” policy. 

How Does an HSA Work?

  • Greater personal control over healthcare management and expenses
  • Prepare for qualified medical expenses
  • Earn tiered interest above standard savings on entire balance
  • An HSA provides triple tax savings1:
    • Tax deductions when you contribute to your account
    • Tax-free earnings through investment
    • Tax-free withdrawals for qualified medical, dental, vision expenses, and more
  • Contributions are tax-free and can be made by you, your employer, or a third party
  • No monthly maintenance fee
  • No minimum balance requirements
  • Funds can be withdrawn at any time2
  • Unused funds remain in account year after year; no "use it or lose it" policy
  • Keep your HSA in your name, regardless of career or life changes
  • $3 monthly paper statements, electronic statements are free.
  • Free digital banking
  • Convenient access to funds via free debit card
  • Federally insured by FDIC
  • $25 minimum deposit to open

Apply for a Health Savings Account!

West Shore Bank has been Making a Difference Since 1898, committed to helping the people and businesses along the lakeshore to improve their financial well-being. Visit one of our nine locations in Ludington, Frankfort, Hart, Manistee, Onekama, Scottville, or Traverse City.

HSA Eligibility

Most adults under 65 who are not enrolled in Medicare and are covered under a high-deductible health plan (HDHP) can qualify for an HSA, but it is up to the account holders to determine their own eligibility. Please contact your tax advisor for further eligibility requirements.

1 Consult a tax advisor.
2 You can withdraw funds at any time for any purpose. However, if funds are withdrawn for reasons other than qualified medical expenses, the
amount withdrawn will be included as taxable income, and is subject to a 10% penalty.

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Putting you on the road to retirement.

We can help you customize an investment and wealth management plan unique to your assets, family values, and objectives.