Open a Health Savings Account (HSA) now

A Health Savings Account at INB works to keep both you and your finances in good health. You have total control of where to open your HSA account. 

With a Health Savings Account (HSA), you can save for medical expenses, tax-exempt. Take advantage of these benefits:

  • Earn interest on your checking account with tiered interest rates
  • No minimum opening or ongoing balance requirements
  • No monthly service charge
  • VISA Debit Card - no transaction fees charged by INB
  • Easy access to your account via INB Digital Banking
  • Manage your account with year-end reports for tax purposes and monthly online statements

If you have questions, please call INB's HSA experts Ethan Biermann, HSA Specialist, at 217-747-5535 or Cayla Keyes, Retail Sales Manager and HSA Coordinator, at 217-747-8737.

More questions? We’re here to help:

What is a Health Savings Account (HSA)?

An HSA is a personal savings account used with a high-deductible health insurance policy (HDHP) to help pay qualifying expenses not covered by the insurance. In addition to allowing you to save the money to cover medical expenses, HSAs offer several tax advantages and allow you to make your own decisions on how to spend your health care dollars.

How do health savings accounts work?

To contribute to an HSA, you must have an HSA-qualified high-deductible health plan in place. The IRS sets limits on the minimum and maximum out-of-pocket levels for the HDHP and also has contribution limits for HSAs. Unlike cafeteria plans, HSAs do not have a “use-it-or-lose-it” requirement at the end of each year. Any money you don’t use for medical expenses rolls over from year to year, and the account belongs to you, even if it’s funded by your employer.

With an HSA, you control the plan and decide how to spend and invest your dollars.

Who can qualify for a health savings account?

Generally, if you’re covered by a qualified high-deductible health plan (HDHP), you are eligible for an HSA. You’re not eligible for an HSA if you are:

  • Covered by another health insurance plan that is not a qualified HDHP
  • Claimed as a dependent on another person’s tax return
  • Enrolled in Medicare benefits

Check with your insurance provider to confirm your plan is HSA-eligible.

How much money can I contribute to the HSA?

If you’re eligible for an HSA, you, your employer and anyone else can contribute to your savings plan. The maximum annual contributions for each type of coverage is detailed in the chart below. The coverage types are Single and Family; we've also provided catch-up provision information.

  2024 2023

Single coverage



Family coverage



Catch-up contribution for those who are age 55 or older



How can I use HSA money?

Funds in your HSA can be used to cover medical deductibles, co-payments, dental and vision care, prescription drugs, acupuncture, chiropractor services along with many others. You can also use the account to pay for the medical expenses of a spouse or other family member, even if they are not covered by your medical insurance.

If you use the money in any other way, you are subject to income taxes and a 20 percent penalty. However, once you turn 65, you can use the money in your HSA for any purpose you like, without a penalty. You’ll still pay income taxes on it if it’s used for non-medical expenses.

How do I contribute to an HSA?

You can contribute through payroll deduction if the program is offered through your employer.  Otherwise, you can set up electronic transfers or send a check to INB.

How do I access the money?

HSA accounts function like a checking account, allowing you to pay for qualified healthcare expenses by check or debit card. With INB, you will receive a Visa debit card, or you can opt for checks. You can manage your account with online and mobile banking, monthly paper statements or e-statements, and year-end reports for tax purposes. There’s no minimum opening or ongoing balance requirements.

Neither INB nor its advisors provide legal or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.

If you have questions, please call INB's HSA experts Ethan Biermann, HSA Specialist, at 217-747-5535 or Cayla Keyes, Retail Sales Manager and HSA Coordinator, at 217-747-8737.