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A Health Savings Account (HSA) is a special savings account that helps you set aside money for medical expenses. If you have a High Deductible Health Plan (HDHP), you may qualify for an HSA.
An HSA can help you save on taxes while saving money for medical expenses. The interest you earn from investing your HSA funds and the money you withdraw for qualified medical expenses are all tax-free. Contributions to your HSA are also tax-deductible and therefore reduce your taxable income.
- No minimum amount to open
- No monthly service charges
- Free CNB Debit Card 1
- Earn Premium Interest on all balances 2
- Free online banking and mobile banking
- Free e-Statements, text banking, and bill pay
- Free ATM deposit and mobile deposit
- Free Apple Pay and Samsung Pay
- Free Visa Debit Alerts and MX Money Management
1. Other charges may apply, such as a Returned Item/Overdraft and third-party ATM fees. Returned Items/Overdrafts will disqualify this account as an HSA account per the IRS and will be subject to ordinary income tax and a 20% penalty tax.
2. Fees may reduce earnings.
3. Third-party message and data rates may apply.
| Coverage Type | 2025 Limit | 2026 Limit |
| Individual | $4,300 | $4,400 |
| Family | $8,550 | $8750 |
| Catch-up (55+) | +$1,000 | +$1,000 |
These limits are set by the IRS and may change each year. Your employer’s contributions count toward your total limit.
- Contribution limits, for those who qualify, are set annually by the IRS. Withdrawals are tax-free, and funds may be carried over from year to year.
- You must have a qualifying High Deductible Health Plan (HDHP) to open a Health Savings Account (HSA).
- You can’t contribute to an HSA if you’re enrolled in Medicare.
- Not eligible to be claimed as a dependent on another person’s tax return.
- Only use your HSA for qualified medical expenses. If you use it for something else before age 65, you’ll pay a 20% penalty plus taxes.
- After age 65, you can use your HSA for anything, but non-medical withdrawals are taxed as income.
- Keep your receipts for tax purposes — Citizens National Bank reports your contributions and withdrawals to the IRS, but does not track your medical expenses.
Ready to Get Started?
Open your Health Savings Account with Citizens National Bank today and take charge of your healthcare savings!
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