Health Savings Account

A Health Savings Account (HSA) is an account that allows you to set aside money for future medical expenses. Deposits and qualified withdrawals are generally tax exempt and balances can be carried over each year.


To be eligible for an HSA, account owners must:

  • Be covered by an HSA-qualified, high-deductible insurance plan
  • Not be claimed as a dependent on someone else’s tax return
  • Not be enrolled in Medicare
  • Not be covered by another health plan that is not an HSA-qualified, high-deductible plan (exceptions exist for dental, vision, and accident and disability coverage)


Funds in the account may be used for:

  • Qualified medical expenses, even when unemployed or retired
  • Out-of-pocket expenses when covered by Medicare
  • Long-term care expenses

HSA owners have the flexibility to decide what qualified medical expenses to pay from the HSA and which financial institution will hold the account. The owners may keep the account when changing jobs, retiring, becoming unemployed, or changing insurance coverage (contributions may be limited).

Contribution Limits

For current contribution limits for self-only and family coverage, please call the Answer Center at 419-524-0831 or chat now with an Answer Center Specialist Answer Center Bubble. If you're over age 55, be sure to ask us about an additional catch-up contribution.

Our HSAs feature competitive tiered interest rates (please ask us for current rates).

The low monthly service fee of $5 is waived by simply:

  • Maintaining a balance of at least $500 in the account or
  • Signing up for direct deposit or
  • Authorizing an automatic transfer from a Mechanics Bank deposit account

A fee of fifty cents per check will be charged for each check clearing in excess of five per statement period. However, there is no charge for using our convenient, no-annual-fee Health Savings Debit Card. To learn how Mechanics can help you begin a Health Savings Account, contact us at 419-524-0831 or email

*Please refer to your account disclosure for other important information.