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An HSA is a special tax-advantaged account that is used with a high-deductible health plan (HDHP) and allows you and your family members to pay for various qualified medical expenses —from co-payments at your doctor's office to pharmacy bills, dental care, vision care, and more.

Whether you're planning ahead to cover unexpected medical expenses or you're strategizing to offset your high annual deductible, an HSA makes good sense.

Tax benefits

  • HSA contributions, by employee or employer, are excluded from taxable income
  • HSA earnings are tax deferred
  • HSA assets are not taxed if used for qualified medical expenses
  • Unused HSA assets may be used for retirement; however, they will be subject to a 10 percent penalty until the HSA account beneficiary turns age 65. If not used for medical expenses, they will be subject to income taxes
  • Upon death, HSA assets become the property of a named death beneficiary, or of the HSA account beneficiary’s estate. A spouse may treat the assets as his or her own HSA, while non-spouse death beneficiaries must treat such assets as ordinary taxable income.

Account Features

Your Citizens Bank HSA is set up like a checking account, allowing you to write checks or use a debit card to pay for qualified medical expenses.

  • Earn interest on all balances
  • Unlimited check writing
  • Debit Card available (only one per account) 
  • Free E-Statements
  • Mailed paper monthly statement available

See a Personal Banker for more information regarding:

  • Qualified medical expenses
  • Eligibility
  • Contributions/Distributions
  • Government reporting

Online Contributions

All HSA contributions made via transfers within Digital Banking will be coded as “current year” contributions. If you wish to make a contribution to your HSA for the previous tax year prior to April 15th, please visit your local branch and speak with a Personal Banker.

Taxpayers can find out more about HSAs here:

Please consult your tax advisor to see if an HSA is right for you.