HSA Checking

A Health Savings Account (HSA) is a tax-favored trust or custodial account established exclusively for the purpose of paying qualified medical expenses of you, your spouse and your dependents. For more information, contact us today. Our checking account options are available for clients throughout Dayton, Columbus, Cincinnati, OH and the surrounding communities.

Benefits of our HSA Checking Account
Opening Deposit $50
Minimum Balance $0
Withdrawals Unlimited
Debit Mastercard® Yes
Service Charge
$3 per month or
$1.50 if customer has an open LCNB Checking Account
Statement Free
Tiered Interest

View Rate Sheet 

You are eligible to open a HSA Checking account if you:
  • Are currently covered under a high-deductible health plan (HDHP)
  • Are not covered by any other health plan (with limited exceptions*)
  • Are not enrolled in Medicare
  • Cannot be claimed as a dependent on another person’s tax return 
*With certain exceptions for plans providing preventive care and limited types of permitted insurance and permitted coverage
Notes & Disclosures
View Notes and Disclosures Here
Additional Information:

A health plan qualifies as a High Deductible Health Plan if the annual minimum deductible is at least $1,350 for single coverage or $2,700 for family coverage and the maximum out-of-pocket limit is $6,750 for single coverage and $13,500 for family coverage for 2019.                                                                                              

For 2020, the minimum deductible is $1,400 and the maximum out-of-pocket limit is $6,900 for single coverage. For family coverage the minimum deductible is $2,800 and the maximum out-of-pocket limit is $13,800. These figures are subject to be adjusted by the IRS for inflation each year.

For tax year 2019, contributions are limited to $3,500 for single coverage and $7,000 for family coverage. For tax year 2020, the contribution limit for single coverage is $3,550 and $7,100 for family coverage. A catch-up contribution of $1,000 is available to persons age 55 and older. The contribution limits are adjusted for inflation each year. Contributions may be made for the prior tax year until July 15. Publication 969, Health Savings Accounts and other Tax-Favored Health Plans.

You can make no further contributions after age 65; however, the account may remain open to pay for qualified medical expenses.

Effective January 1, 2011, it will no longer be permissible to use the HSA to pay for over the counter medications and other non-prescription drugs without a prescription. Medical expenses qualified or non-qualified are explained in IRS Pub. 502. You can find this publication online at https://www.irs.gov/pub/irs-pdf/p969.pdf .

HSA distributions used for non-qualified medical expenses are subject to ordinary income tax and, if taken before age 65 is 20% IRS penalty tax. (Unless the distribution is because of death or disability).