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Resources
Industry Specific
Access all the commercial banking resources your business needs to succeed.
Health Savings Account
Health Savings Account
Manage your health expenses and savings quickly, conveniently, and efficiently.
Manage your health expenses and savings quickly, conveniently, and efficiently.
What is an HSA?
What is an HSA?
A Health Savings Account (HSA) is a medical savings account that offers tax advantages1 and is available to U.S. taxpayers enrolled in a high-deductible health plan (HDHP). Funds deposited to an HSA are made as pre-tax contributions. An HSA differs from a Flexible Spending Account because the funds roll over and accumulate year after year and are available for future medical expenses.
HSA Benefits
HSA Benefits
- Supports both individual and family plans
- Earns tiered interest
- $100 minimum deposit to open
- No minimum balance
- No monthly service charge
- HSA MasterCard® Debit Card available
- Unlimited check writing
- Check orders (cost varies)
- Free E-statements2
- Free online banking2
- Free bill pay2
- Free mobile banking and mobile deposit2
- Investment Sweep option4
Health Payments Made Easy
Health Payments Made Easy
At Macatawa Bank, we offer convenient ways of paying for your qualified medical expenses: HSA MasterCard® Debit Card, checks, and online banking. Plus, account holders pay no monthly fees and have no minimum balance requirements.
Competitive Interest Rates
Competitive Interest Rates
We offer competitive tiered and variable interest rates on our HSAs, allowing you to earn more as you save more.
Long-Term Management of Your HSA Account
Long-Term Management of Your HSA Account
As your account grows in value, Macatawa Bank offers an optional HSA Investment Sweep4 dedicated to maximizing the performance of your account.
Health Saving FAQs
Health Saving FAQs
What is a High Deductible Health Plan (HDHP)?
What is a High Deductible Health Plan (HDHP)?
An HDHP is a health insurance plan with lower premiums and higher deductibles than a traditional plan. You need to verify with your insurance provider and/or employer whether your insurance plan qualifies you to contribute to an HSA. Plans with copays are not usually eligible.
How do I pay for qualified medical expenses?
How do I pay for qualified medical expenses?
- Present your Macatawa Bank HSA MasterCard® Debit Card for payment of services to any health care provider who accepts MasterCard®. The cost of your health care services will automatically be deducted from your HSA.
- Access cash from your account using your HSA MasterCard® Debit Card at any Macatawa Bank ATM.
- Write checks from your HSA. Checks are available for a nominal fee.
What is a High Deductible Health Plan (HDHP)?
What is a High Deductible Health Plan (HDHP)?
An HDHP is a health insurance plan with lower premiums and higher deductibles than a traditional plan. You need to verify with your insurance provider and/or employer whether your insurance plan qualifies you to contribute to an HSA. Plans with copays are not usually eligible.
How do HSAs provide such affordable health care?
How do HSAs provide such affordable health care?
Annual contributions reduce taxable income, allowing qualified medical expenses to be tax-free4. Money saved in an HSA grows tax-deferred until age 65. After age 65, the funds can continue to be withdrawn tax-free4 for medical care expenses. Non-medical withdrawals are also permitted at this point; however, your current tax rate applies to funds used for non-medical purposes when you withdraw the money.
How do I pay for qualified medical expenses?
How do I pay for qualified medical expenses?
- Present your Macatawa Bank HSA MasterCard® Debit Card for payment of services to any health care provider who accepts MasterCard®. The cost of your health care services will automatically be deducted from your HSA.
- Access cash from your account using your HSA MasterCard® Debit Card at any Macatawa Bank ATM.
- Write checks from your HSA. Checks are available for a nominal fee.
Why Macatawa Bank for Your Health Savings Account?
Why Macatawa Bank for Your Health Savings Account?
- Outstanding Features: Macatawa Bank does not charge a setup fee for your Health Savings Account. There is no minimum balance requirement and no monthly maintenance fee.
- Competitive Interest Rates: We offer the benefit of tiered interest rates, allowing you to earn more as you save more. This helps you make the most of your health care dollars.
- Convenience: At Macatawa Bank, you can access your account to view your transactions and balances at your convenience by logging on to your Macatawa Bank Online Banking at the top of the page.
- Peace-of-Mind: Macatawa Bank is an insured financial institution through the Federal Deposit Insurance Corporation (FDIC), so the money in your Macatawa Bank HSA is protected.
- Customer Service: Macatawa Bank is one of the premier banks in west Michigan, with convenient branch locations in Ottawa, Northern Allegan, and Kent counties. Our staff of trained professionals can answer any questions you may have about your HSA.
- Long-Term Management Options: As your account grows in value, Macatawa Bank has other financial options to help you maximize its performance.
How do HSAs provide such affordable health care?
How do HSAs provide such affordable health care?
Annual contributions reduce taxable income, allowing qualified medical expenses to be tax-free4. Money saved in an HSA grows tax-deferred until age 65. After age 65, the funds can continue to be withdrawn tax-free4 for medical care expenses. Non-medical withdrawals are also permitted at this point; however, your current tax rate applies to funds used for non-medical purposes when you withdraw the money.
Why Macatawa Bank for Your Health Savings Account?
Why Macatawa Bank for Your Health Savings Account?
- Outstanding Features: Macatawa Bank does not charge a setup fee for your Health Savings Account. There is no minimum balance requirement and no monthly maintenance fee.
- Tiered and variable interest rates: We offer the benefit of tiered interest rates, allowing you to earn more as you save more. This helps you make the most of your health care dollars.
- Convenience: At Macatawa Bank, you can access your account to view your transactions and balances at your convenience by logging on to your Macatawa Bank Online Banking at the top of the page.
- Peace-of-Mind: Macatawa Bank is an insured financial institution through the Federal Deposit Insurance Corporation (FDIC), so the money in your Macatawa Bank HSA is protected.
- Customer Service: Macatawa Bank is one of the premier banks in west Michigan, with convenient branch locations in Ottawa, Northern Allegan, and Kent counties. Our staff of trained professionals can answer any questions you may have about your HSA.
- Long-Term Management Options: As your account grows in value, Macatawa Bank has other financial options to help you maximize its performance.
Account Package Perks are subject to change.
- Please consult your tax advisor.
- Digital Banking Services. Online or mobile banking required to access Zelle®. Internet/mobile connectivity required. Mobile banking required to access remote deposit capture. Deposits made through mobile banking or remote deposit capture are subject to deposit limits & funds are typically available by next business day. Deposit limits may change at any time. Third-party message/data rates & other restrictions may apply. For more information go to wintrust.com/agreement-and-disclosure.
- Data charges from mobile carrier may apply.
- Your HSA is insured by the FDIC; however, funds in your HSA Investment Sweep are not insured by the FDIC and are not a bank deposit, bank obligation, or guaranteed by the bank. May involve investment risk, including loss of principal.
Investment products such as stocks, bonds, and mutual funds are:
NOT FDIC INSURED | NOT BANK GUARANTEED | MAY LOSE VALUE | NOT A DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
