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Health Savings

Health Savings Accounts

A Health Savings Account (HSA) is a tax-advantaged* investment account that is used for medical expenses for participants in High Deductible Health Care Plans. Contributions made into the HSA - either by an individual or employer - could reduce taxable income. The money in the HSA can be used for qualified medical expenses for yourself, spouse, or dependent children.

In a High Deductible Health Care Plan, your premiums are lower than traditional health insurance plans. With the money saved from lower premiums, you can deposit that money into an HSA to help pay for future medical costs.

The money deposited is generally pre-tax deductions from your paycheck. The funds withdrawn are not taxed, provided they are used for qualified medical expenses. Best of all, you can start using the funds right away, and they always stay with you if you ever switch from one job to another.

HSAs are designed so that you can always withdraw money when you need it. The money can be withdrawn by either a debit card or by writing a check. Money you don't withdraw has the potential to grow and accumulate interest. With no enrollment fee for our HSA, you can save even more money.

Some Qualified Medical Expenses:

  • Deductibles
  • Co-insurance
  • Co-payments

As well as many other expenses not covered under medical plans including costs for services and items covered by the health plan but subject to cost sharing. For more information regarding qualified medical expenses, please visit www.hsacenter.com

Some features include:

  • FREE Uniquely branded HSA Debit Card to Avoid Confusion with Other Debit or Credit Cards
  • FREE Online Banking with Bill Pay for convenient record keeping²
  • FREE Telephone Banking
  • FREE Mobile and Text Banking
  • Year End Tax Reporting to Simplify Record Keeping
  • Can Be Used for Qualified Medical Expenses for Yourself, Spouse and Dependents
  • Reduce Taxable Income¹
  • Money Always Available When Needed
  • Unused Money Has Potential To Earn Interest

See any service associate for more information, or visit www.hsacenter.com.


Rates are tiered based on account balance and may vary - ask for current rates. Interest is accrued daily and credited monthly.

Minimum Opening Deposit:

NO minimum opening deposit!

Monthly Service Fees:

  • With eStatements - $0
  • Paper Statements - $5

Other service fees may apply. Please see our Banking Fees.

¹Not to be construed as tax advice. Please consult your attorney or tax adviser. ²Must be 18 years of age to use Bill Pay.  A $25 transfer fee will be charged to the Health Savings Account if funds are transferred from First Merchants Bank to another financial institution.

Ready to get started? Open an account online

Open a Health Savings Account online in about 10 minutes, anytime you like! You’ll just need some identification documents and a way to make an opening deposit; our system will guide you through the process.