Health Savings Account

A Health Savings Account (HSA) is a tax-exempt account owned by a qualified individual. Contributions can be made by the individual, their employer, or both, to pay for current and future medical expenses. Funds accrued in the account are rolled over year-to-year if not used.

Am I eligible for an HSA?

You can contribute to an HSA if you:

  • Are covered by a high deductible health plan (HDHP)
  • Are not covered by other health insurance
  • Are not enrolled in Medicare
  • Cannot be claimed as a dependent on someone elses tax return

Children cannot establish their own HSA. Spouses can establish their own HSA, if eligible. Eligibility requirements are based on IRS guidelines. If you are unsure if you qualify for an HSA, please consult your tax advisor and health plan administrator for eligibility.


For what type of medical expenses can I use my HSA?

Qualified medical expenses as defined under the federal tax law are eligible expenses. This includes most medical care and services, dental and vision care, and some over-the-counter drugs. You can use the money in the account to pay for qualified medical expenses not only for yourself, but your spouse or your dependent children as well, even if they are not already covered by your HDHP. For a complete list of eligible expenses, visit


How much can I contribute to my HSA?

You can contribute as often or as much as you wish, as long as the total contribution does not exceed the limits specified by the Internal Revenue Service.



Self-only Coverage      $3,350.00 Self-only Coverage      $3,400.00
Family Coverage      $6,750.00 Family Coverage      $6,750.00
Catch up - 55 and older     $1,000.00* Catch up - 55 and older     $1,000.00*





*There are special rules for married couples. Please consult with a licensed tax advisor for any questions about your contribution maximum.

Helpful HSA Tools:



What information or documentation do I need to keep when I use my HSA?

  • Each accountholder is responsible for maintaining all records associated with their HSA for tax purposes. Save all receipts and records when using your HSA including ATM withdrawals, reimbursements, payments in person, etc.

What HSA tax forms does Alpine Bank issue?

  • There are two tax forms Alpine Bank will issue, when appropriate:
    1099-SA: The 1099-SA reports any distributions from the HSA. The 1099-SA must be postmarked by January 31 and are typically available by the end of January. Please note that distributions are reported in the year they are takeni.e. a distribution taken in 2015 will be reported on the 2015 1099-SA form which will be issued in January 2016.

    5498-SA: The 5498-SA reports contributions and rollovers made to the HSA; it is for informational purposes only. Alpine Bank will provide a 5498-SA, which is available in May.

Can I still use my HSA funds if Im no longer covered by a high-deductible health plan (HDHP)?

  • Yes. You can continue to use your HSA funds tax-free for qualified medical expenses even if you switch jobs, retire or are no longer covered by an HDHP.

What happens to my HSA if I leave my employer?

  • All funds in your HSA, including funds contributed by your employer, are yours to keep. You can continue to use the funds tax-free for qualified medical expenses and you are not required to close your account.

Am I required to close my HSA once I qualify for Medicare?

  • No. While you may no longer be eligible to make contributions once you qualify for Medicare, you can continue to use your HSA tax-free for qualified medical expenses. You are not required to withdraw the funds or close your HSA once you qualify for Medicare.

How much tax will I pay if I use my HSA funds for non-qualified expenses?

  • Funds used for non-qualified medical expenses are subject to income tax and an additional 20% penalty. Please consult with your tax advisor for questions about your specific tax.

Can I return funds to my HSA if I withdraw them by mistake?

  • If you've used funds for non-qualified expenses, you can return the funds to your HSA. Please notify a bank employee to return funds on or before April 15 following the year in which you mistakenly withdrew funds to avoid taxation and penalty.


Alpine Bank's Health Savings Account

  • Save money for health care expenses tax free!
  • No opening fee
  • No minimum opening deposit
  • $3,000.00 daily minimum balance
  • $2.00 monthly maintenance fee - Fee waived if minimum balance is maintained at $3,000.00
  • $15.00 closing fee
  • Online banking, electronic statements (eStatements) and mobile banking1
  • HSA Visa® debit card with no annual fee
  • No transaction fees
  • Interest is earned on all balances and eligible contributions are tax exempt2
Eligibility requirements are based on IRS guidelines. If you are unsure if you qualify for an HSA, please consult your tax advisor and health plan administrator for eligibility.

1 Wireless carrier's standard web-access and text-message rates may still apply. You must have an online banking account to qualify for AlpineMobile®.

2 Please see a customer service representative for current rate information, calculation method and to obtain a copy of our Truth in Savings Disclosure.


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