Life is Full of Surprises
…but with a Waterford Bank, N.A. Health Savings Account (HSA), paying for qualified medical expenses won’t be one of them. An HSA is a tax advantaged account for individuals and families with a high-deductible health plan – helping to pay medical bills and build up savings for future healthcare costs.
Similar to other bank accounts, you will get a debit card, specific to your HSA account, with which you can pay for qualified expenses*.
What Can an HSA Do for You?
Navigating healthcare expenses can be daunting, but opening Health Savings Accounts with Waterford Bank can help put you on the path to smoother sailing. Not only do HSAs offer tax advantages for qualified medical expenses, but they help you manage expected and unexpected costs, making them an excellent tool for paying your healthcare costs efficiently. Here are a few of the benefits of having an HSA.
And if you’re a business owner, offering Health Savings Accounts to your team provides for potential payroll tax savings, a more attractive benefits offering to recruit and retain top talent, and Waterford’s world-class service behind you.
Triple Tax Advantage
Contributions, earnings, and withdrawals are tax-free. Accumulate funds for current or future healthcare expenses, providing peace of mind.
Employer Contributions
Many employers offer a company contribution to your HSA, helping to lower your expenses on high-deductible health plans. Check with your employer.
Portable Account
Your account stays with you, even if you change jobs, insurance or retire. Unused balances roll over annually without penalty.
Recurring Payments
Set a recurring payroll election with your employer and send cash from your paycheck to your HSA – without having to think about it!
Eligible Expenses
Eligible HSA expenses cover a broad range of health care services and products. Generally, they include costs not covered by health insurance like deductibles, copayments, and coinsurance for medical services. Most medical expenses are covered, including the below, but you should speak to your employer’s human resources department if you have questions about coverage.
- Doctor Visits
- Hospital Charges
- Prescriptions
- Dental
- Vision
- Chiropractic Services
- COBRA Premiums
- Qualified Medicare Premiums
- Qualified Long-Term Care Insurance Premiums
Frequently Asked Questions
Eligibility
In order to make a tax-deductible or pre-tax contribution to your Health Savings Account (HSA), you must meet the eligibility guidelines published by the internal Revenue Service (IRS). An “eligible individual” may establish an HSA. An “eligible individual” means, with respect to any month, an individual who:
- is covered under an HDHP as of the first day of the month.
- is not also covered by any other health plan that is not an HDHP (with certain exceptions for certain types of permitted coverage).
- is not entitled to Medicare benefits, and
- may not be claimed as a dependent on another person’s tax return.
You can view the full eligibility requirements for an HSA on the IRS website within Publication 969 – Health Savings Accounts and Other Tax-Favored Health Plans. View the eligibility requirements.
Annual Contribution Limits
The amount you or any other person can contribute to your HSA depends on the type of HDHP coverage you have, your age, the date you become an eligible individual, and the date you cease to be an eligible individual. For 2026, if you have self-only HDHP coverage for the entire year, you can contribute up to $4,400. If you have family HDHP coverage, you can contribute up to $8,750.
You can view the full Contribution Limits on the IRS website within Publication 969 – Health Savings Accounts and Other Tax-Favored Health Plans. View Publication 969 for contribution limits.
How do HSA contributions work?
Tax-free contributions to your HSA can be made in a variety of ways, including:
- Payroll deductions, if available through your employer.
- Some employers may also offer contributions to your account on your behalf, typically via a direct deposit.
- Online transfers to your HSA from your Waterford personal savings or checking account.
- Deposit a check at any Waterford Bank branch location.
- Transfer funds from an existing HSA into your Waterford Bank HSA.
- Payroll deductions, if available through your employer.
How do I manage my account?
You can manage your Waterford HSA from both our online banking and mobile banking tools.
What happens if I don't use all my money by the end of the year?
There’s no deadline for using the money in your HSA. HSA balance rolls over year after year and can keep growing.Are there any fees associated with my HSA Account?
There is no monthly service fee for a Waterford Bank HSA account.
When will I receive HSA tax forms?
Your HSA account tax forms will be sent to you via an electronic statement at the end of the year.
Do you have a technical question or need help with your personal banking account? Contact our Customer Care Line for assistance.
Waterford Customer Care Help Line
Available Monday – Friday, 8:30 a.m. – 5:00 p.m.
Phone: 855-896-2064
Email: customer.care@waterfordbankna.com
Business banking customers should contact their Treasury Management Representative directly.
* HSAs are subject to eligibility requirements and restrictions on deposits and withdrawals to avoid IRS penalties. You should contact your employer’s HR Department to review qualified expenses. Waterford Bank does not monitor your transactions for eligibility and is not responsible for expenses that result from incorrect use of an HSA account.
