Health Savings Accounts (HSAs)
Manage Your Medical Expenses
Get the benefit of tax-exempt savings solutions for members with a High Deductible Health Plan (HDHP).
Benefits of a Health Savings Account (HSA)
No minimum balance to open an account1
HSA earns dividends computed daily, paid and compounded monthly
Convenient account access and EMV chip protection with your Summit Visa® HSA Debit Card2
Funds not used in a given year are rolled over to the next year and grow tax-free with interest earned
Annual contributions are deductible from federal taxes up to the maximum allowable amount
Dividends earned are free from federal taxes
Qualified withdrawals are free from federal taxes
IRS Requirements for 2018
Catch-Up Contribution (55 or older)
Contribute to and Manage Your HSA
Through online transfer, payroll deduction, direct deposit, mobile deposit, or bank-by-mail
Any Summit ATM or branch location
Check your account balance and transaction information quickly and easily with your Summit Online Access Account and our Mobile Banking App
Withdraw from or Make Payments from Your HSA
Use your Summit Visa® HSA Debit Card to pay for qualified expenses
Withdraw cash from your account
Write checks from your account
Get Started Today!
Visit your nearest Summit branch or contact our Member Service Center at (585) 453-7030 or (800) 836-7328 extension 7030.
For a full listing of rates, see our Rate and Fee Schedule.
1 Minimum balance of $100 required to earn dividends.
2 Subject to the IRS rules and regulations for Health Savings Accounts.
3 Consult a tax advisor for more details on tax benefits.
Health Savings Account (HSA) Frequently Asked Questions
You may use your HSA to pay for:
- Qualified medical expenses
- Co-pays at doctor offices
- Vision care
- Dental care
No. HSAs have unique features designed to encourage consumer-driven healthcare. Also, unlike a FSA, there is no “use it or lose it” rule. Your HSA balance rolls over from year to year, allowing you to save for future medical expenses.
Your contributions to a HSA are tax-deductible (including any after-tax deposits), earnings grow tax free and distributions for qualified medical expenses are also tax free. Contributions to your HSA can be made with pre-tax dollars (i.e. payroll deduction through your employer), which reduces your taxable income. In reality, a HSA provides triple tax savings by reducing Federal, State and FICA taxes. Consult your tax advisor regarding IRS rules and regulations for Health Savings Accounts.
No. Your HSA is completely portable and your money rolls over year to year. You can always take the funds with you even if you change jobs, become unemployed or change your medical coverage.
Yes, regulations allow a one-time rollover of unused funds from a FSA or HRA. Please talk to your employer or third-party administrator for more details. Consult your Human Resources department if you have questions about whether your medical insurance is an HSA-compatible health plan.
Yes, regulations allow a one-time rollover from an IRA to a HSA, up to the annual HSA contribution maximum. Please consult your tax advisor to discuss the benefits and tax reporting requirements prior to transferring funds.
Yes, please contact your financial institution and request to have the funds transferred to The Summit.
After age 65, funds can be withdrawn for non-medical expenses without penalty. However, you would still be responsible for any applicable income taxes.
Yes. You can have one “authorized signer.” You and the authorized signer will just need to sign an authorization form at The Summit.
First, if you’re not already a member of The Summit, you will need to become one. You’ll need to fill out the Health Savings Account Application verifying that you are covered by a HDHP then set up direct deposit into your HSA, if applicable.
Individuals who are entitled to Medicare are not currently eligible to establish or contribute to a HSA. “Entitled” means actually covered under any part of Medicare – Part A, Part B, a Medicare Advantage plan (Part C) or Part D. Individuals who are eligible for Medicare, but are not enrolled, may establish and contribute to a HSA.