Health Savings Account

Health Savings Accounts


A Health Saving Account is a savings product established with a qualified Health Savings Account trustee, to pay for health expenses and save for future qualified medical and retiree health expenses on a tax-free basis.  Consumers must be enrolled in a High Deductible Health Plan (HDHP) in order to be eligible for a Health Savings Account.

An HDHP is an inexpensive health insurance plan that generally does not pay for out of pocket health care expenses (i.e., deductible) but will cover expenses after the deductible is satisfied.


  • Security—it helps protect against high or unexpected medical bills.
  • Flexibility—Consumers can use the funds in their accounts to pay for medical expenses, insurance if unemployed, medical expenses after retirement (before Medicare), long term care expenses and insurance.
  • Savings—Consumers save the money in their accounts for future medical expenses and grow the account through interest earnings.
  • Control—Consumers make all of the decisions about set-up, administration, and usage.
  • Tax Savings—A Health Savings Account provides a tax deduction, tax-free earnings, and tax-free withdrawals for qualified medical expenses.
  • Portability—the accounts are completely portable even if you change jobs, medical coverage, become unemployed, move out of state, and change marital status.

Contribution Limits

For 2022, the maximum contribution to a Health Savings Account are $3650 for an individual, and $7300 for a family.  Money not spent will roll over year to year.

Individuals over the age of 55 can contribute $1000 for a catch up.

How do I use the Account?

Typically, the bank who is the trustee of the Health Savings Account will issue a debit card or checks specifically for use on the account.  Use the debit card, checks or online bill pay to pay your medical expenses.

Who is eligible?

  • You must have a valid Social Security Number and a primary residence in the United States.
  • You cannot be covered by any other non-Health Savings Account compatible health plan, including Medicare Part A and B.
  • You must be covered by the qualified HDHP on the first day of the month.
  • You cannot be claimed as a dependent on another person’s tax returns.

Why Community Bank?

At Community Bank we have an experienced, knowledgeable staff ready to assist you in setting up your Health Savings Account.  Our staff in the branches make it an easy process for you because of our experience being a trustee on accounts from municipalities, schools, and small businesses.  We invite you to experience a true Community Bank where it is nice to work with people you know.

Certificates of Deposit RatesIcon For: Rates

Term Rate APY*
182 Day 3.00% 3.03%
12 Month 3.50% 3.55%
18 Month 3.75% 3.80%
30 Month - Performance+ CD 2.60% 2.63%
30 Month 2.75% 2.78%
48 Month 2.40% 2.42%
60 Month 2.50% 2.52%
More Rates

The interest rates and annual percentage yields stated above are accurate as of April 12, 2023. Please call for current information.
*APY is Annual Percentage Yield. For certificates of deposit a penalty may be imposed for early withdrawal. For IRAs, other penalties and rules on transactions are imposed on the account by the Internal Revenue Code. Fees may reduce earnings.

Helpful Information

Bank Routing Number: 091804723