Health Savings

Ensure that you and your family can afford the care you deserve.



Even people with healthy lifestyles can get sick or injured. And almost everyone needs dental work, vision care or prescription drugs at some point. For individuals and families with high-deductible insurance plans, these costs can strain household budgets. A tax-friendly Health Savings Account (HSA) allows you to set aside thousands of dollars in advance for a wide range of treatment.

  • For individuals and families with high-deductible medical coverage
  • Individuals can contribute up to $4,300 annually, while families can contribute up to $8,550
  • People age 55 and older can contribute an additional $1,000 per year
  • Contributions are tax-deductible, interest earnings are tax-exempt and distributions for qualified expenses are tax-free
  • Access account at Cashmere Bank branches with a Visa debit rewards card or through Online, Mobile or Telephone Banking
  • Account interest rates are tiered, so the more you save the more you earn
  • Unused funds in any one year automatically roll over to the next year
  • $100 initial opening deposit required
  • $2.50 monthly fee can be waived with $500 minimum aggregate average daily balance between checking, savings and time deposit accounts - or $2,500 minimum daily HSA balance

 

Qualified Medical Expenses:

HSA withdrawals are tax-free and penalty-free if used for qualified medical expenses. See IRS Publication 502 for a comprehensive list of qualified expenses. Examples include:

  • Medical exams
  • Dental treatment
  • Prescription medications
  • Medical equipment
  • Chiropractor treatments
  • Vision treatment and hardware
  • Hospital admissions
  • Home nursing care

Account Fees:

  • Overdraft Paid Item Fee1 - $25.00 per item
  • Stop Payment2 - $25.00 each
  • Box of checks - prices vary


































(1) Overdraft items can be created by check, in-person withdrawals, or by electronic means (including recurring transactions) other than point of sale (POS) or ATM transactions.

Maximum of five (5) fees per business day.

(2) A request made by you, ordering the Bank to not pay a check or a series of checks that have been written but not cashed.