Health Savings Account

Health Savings Accounts

Health Savings Accounts (HSAs) are special savings accounts used to pay for medical expenses. They also allow for a favorable tax treatment.

Unlike other providers, Santa Cruz County Bank does not charge an account or enrollment fee to set up the HSA account. All HSAs are eligible to earn interest, and include unlimited checks, debit card payments, a quarterly account statement and have a low monthly service charge of $2.50. For a complete list of account terms, fees and conditions, please contact us.

Who is Eligible for an HSA?

Any adult can contribute to an HSA as long as they:

  • Are not enrolled in Medicare
  • Cannot be claimed as a dependent on someone else's tax return
  • Have coverage under an HSA qualifying High Deductible Health Plan (HDHP)
  • Have no other first-dollar medical coverage (injury/accident insurance, disability, dental care, vision care, or long-term care insurance are allowable)

HSA Account Access

Santa Cruz County Bank provides both checks and HSA debit cards to pay your medical bills. You can access your HSA account anytime, 7 days a week through our online banking system.

Earn a competitive interest rate on your HSA and pay a low monthly service charge.

Triple Tax Savings!

  1. Tax deductions when you contribute to your account
  2. Tax-free earnings through investment
  3. Tax-free withdrawals for qualified medical expenses

Contribution and Out-of-Pocket Limits for Health Savings Accounts and High-Deductible Health Plans

  2024 2023 2022
HSA Contribution Limit
(employer + employee)
Self-only: $4,150
Family: $8,300
Self-only: $3,850
Family: $7,750
Self-only: $3,650
Family: $7,300
HSA Catch-up Contributions
(age 55 or older)
$1,000 $1,000 $1,000
HDHP Minimum Deductibles Self-only: $1,600
Family: $3,200
Self-only: $1,500
Family: $3,000
Self-only: $1,400
Family: $2,800
HDHP Maximum Out-of-Pocket
(deductibles, co-payments and other amounts but not premiums)
Self-only: $8,050
Family: $16,100
Self-only: $7,500
Family: $15,000
Self-only: $7,050
Family: $14,100

Catch-Up Contributions

Individuals age 55 and older can make additional "catch-up" contributions. The maximum annual catch up contribution is $1,000. All contributions can be made as late as April 15 of the following year.

Can I switch my existing HSA to Santa Cruz County Bank?

Yes! Your existing HSA can be rolled over into an account at Santa Cruz County Bank. Simply provide us a copy of an account statement from your existing Health Savings Account.

How do I open a Santa Cruz County Bank Health Savings Account?

To open your HSA account, visit one of our branches.

Insurance Agents, Brokers, and Human Resource Professionals

We love referrals! If you have clients who would benefit from establishing Health Savings Accounts, we'd love to hear from you.

Health Savings Account Card

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