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Health Savings Accounts

With a Health Savings Account from Citizens State Bank of Lankin, we help put YOU in control of your health care costs.  Set aside money on a pre-tax basis to pay for qualified medical expenses, such as deductibles, copayments, coinsurance, and some other expenses. By using untaxed dollars, you may be able to lower your overall health care costs. 
  • $100 initial deposit to open the account
  • No Service Charge
  • High Deductible Health Plan (HDHP) required
  • Money deposited in your HSA is 100% tax deductible
  • Distributions used to pay qualified medical expenses aren't taxed
  • The funds in your HSA are always yours and grow tax-deferred like an IRA
  • Convenient access with a check or debit card
  • First order of checks - FREE
Please consult a financial or tax advisor for eligibility requirements.
Do I have to have health insurance to open a Health Savings Account (HSA)??
  • Yes.  To be eligible to open and contribute to an HSA, you need to be enrolled in a high-deductible health plan (HDHP).
What can I use my HSA for?
  • Health Savings Accounts helps those with a high-deductible health plan save money for medical expenses, such as: 
    • Out-of-pocket expenses including deductibles, co-insurance and co-payments
    • Prescription Drugs
    • Over-the-counter (OTC) drugs (accompanied by a prescription).
    • Hearing aids, including batteries
    • Dental treatments such as fillings or braces
  • Individuals who establish HSAs should maintain records of medical expenses to show distributions have been made exclusively for qualified medical expenses should the IRS request them.
Did you know?
  • Funds roll over year to year
  • HSAs are portable
  • HSAs allow greater flexibility over how you use your health care dollars
Ready to start saving?  Contact your local CSB branch today to get started!