Why Choose An HSA?
With the right health plan, an HSA gives you a triple tax advantage: contributions may lower your taxable income, balances grow tax-free, and qualified withdrawals are never taxed. That means you’re saving smarter every time you put money aside.
It’s your account. Funds roll over year after year, and if you change jobs or health plans, your HSA comes with you.
Legal notice. This communication is not intended as legal or tax advice. Consult a legal or tax professional regarding eligibility, tax treatment, and restrictions.
Benefits You'll Notice
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Pay for doctor visits, prescriptions, dental, and vision expenses
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Reimburse yourself later for qualified out-of-pocket costs
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Build savings that can also support you in retirement
Unlike other medical accounts, there’s no “use it or lose it.”
Confirm
Make sure you're enrolled in a qualifying HDHP.
Enroll
Open your Health Savings Account at any Osgood Bank branch.
Contribute
Add funds through payroll deduction, direct deposit, etc.
Pay
Use the funds in your HSA to pay for qualified expenses or save them for later.
Today's Rates
*APY = Annual Percentage Yields are current as of the posted date. Fees, service charges, and withdrawals may reduce earnings. Contact an employee for further information regarding applicable fees and terms. A complete account disclosure is available for all accounts. The Annual Percentage Yield assumes interest will remain on deposit. Interest rate and APY on variable rate accounts may change after the account is opened as rates are subject to change at any time.
Minimum to open $0
Minimum to open $0
Minimum to open $0
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Frequently Asked Questions
HSA contribution limits
The Internal Revenue Service (IRS) sets the maximum that can be contributed to an HSA and the maximum includes both your personal contributions and any contributions made by your employer.
For example, if your HSA contribution limit for the year is $4,400 (as it is in 2026) and your employer contributes $1,000, you can only contribute $3,400—unless you're eligible for a catch-up contribution of $1,000.
The amount you can contribute to an HSA each year is determined by whether you are enrolled in self-only or family coverage and if you are age 55 or older.
2025 HSA contribution limits
The HSA contribution limits for 2025 are $4,300 for self-only coverage and $8,550 for family coverage. Those 55 and older who are not enrolled in Medicare can contribute an additional $1,000 as a catch-up contribution.
2026 HSA contribution limits
The HSA contribution limits for 2026 are $4,400 for self-only coverage and $8,750 for family coverage. Those 55 and older who are not enrolled in Medicare can contribute an additional $1,000 as a catch-up contribution.
Spousal catch-up contributions
If you and your spouse are both age 55 or over, not enrolled in Medicare, and otherwise eligible, you each can make $1,000 HSA catch-up contributions, but you must do so in separate HSAs.Due to the complex nature of tax law, we recommend that you speak with your tax preparer for tax-related questions.
HSAs are accounts designed to help offset the rising cost of individual health care. If you are unsure as to whether or not you qualify for this type of account, we suggest checking with your insurance carrier. Carriers will label their plans as HSA eligible if they meet the requirements.
In addition to being covered under an HSA-compatible HDHP, you:
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cannot be covered by non-HDHP (with limited exceptions),
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cannot be enrolled in Medicare, and
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cannot be eligible to be claimed as a dependent on another person's tax return.
For more information about HSA eligibility and requirements, check with your tax preparer, employer, or read the IRS publication on HSAs by clicking here.
With an HSA account, you can contribute pretax income for health care costs. These expenses include deductibles, copayments, and qualified medical expenses.
The IRS defines a qualified medical expense as expenses that would generally qualify for the medical and dental expenses deduction. These are explained in IRS Publication 502.
HSAs are useful tools for accumulating tax-free money to pay your out-of-pocket health care expenses because your contributions, earnings, and qualified withdrawals are not taxed.
When your funds are deposited into your account, they can be used to pay for qualified medical expenses, even if you no longer have a HDHP. The funds in your account will remain indefinitely until used and there is no time limit on when you must use the funds.
Once your HDHP coverage ends or changes to another type of insurance that makes you ineligible for a HSA, you can no longer make contributions to the account, but can continue to use the funds until depleted.