Health Savings Account

Health Savings Accounts at Glenview State Bank are a perfect way for you to set aside money on a pre-tax basis to pay for qualified health expenses.

 
HSA accounts are available to those enrolled in a high-deductible health plan (HDHP), and the funds contributed into the account are not subject to federal tax at the time of deposit.
 

Glenview State Bank HSA Accounts Include:

  • No minimum opening deposit required
  • No monthly fees
  • $25 set up fee waived for current GSB customers
  • Compounding monthly interest
  • Free debit card
     
 
HSA Contribution Calculator and Updated Contribution Limits
(2021 limits will be reflected on calculator after Jan 1, 2021.  New limits for 2021 are listed below)


 
The IRS has released the 2021 cost-of-living adjusted limits for health savings accounts (HSAs) and high-deductible health plans (HDHPs). Here are the details:

  • HSA Contribution Limits. The 2021 annual HSA contribution limit is $3,600 for individuals with self-only HDHP coverage (up from $3,550 in 2020), and $7,200 for individuals with family HDHP coverage (up from $7,100 in 2020).
  • HDHP Minimum Deductibles. The 2021 minimum annual deductible is $1,400 for self-only HDHP coverage (unchanged from 2020) and $2,800 for family HDHP coverage (unchanged from 2020).
  • HDHP Out-of-Pocket Maximums. The 2021 limit on out-of-pocket expenses (including items such as deductibles, copayments, and coinsurance, but not premiums) is $7,000 for self-only HDHP coverage (up from $6,900 in 2020), and $14,000 for family HDHP coverage (up from $13,800 in 2020).