Smart saving for everyday health and tomorrow’s needs

A Health Savings Account (HSA) from Busey Bank is a flexible, tax-advantaged way to pay for qualified medical expenses today while building savings for future health care needs. Designed for individuals and families enrolled in a high-deductible health plan (HDHP), our HSA combines simple account management with powerful long-term benefits — tax-deductible contributions, tax-free distributions for eligible expenses, and tax-deferred growth when invested.

Key benefits

• Triple tax advantage: Contributions may be tax-deductible, earnings grow tax-deferred, and qualified withdrawals are tax-free when used for eligible medical expenses.
• Portability: Your HSA stays with you even if you change jobs, change health plans, or relocate — the account is yours to keep.
• Long-term savings potential: Unused funds roll over year to year, enabling you to build a meaningful reserve for future medical costs or retirement healthcare needs.
• Flexible spending: Use HSA funds for a wide range of qualified medical expenses, including prescriptions, doctor visits, dental and vision care, and certain over-the-counter items.
• Investment opportunities: Once your balance reaches a threshold, you can invest available cash to pursue greater growth over time (investment options vary).

Who is eligible?

To open and contribute to an HSA, you must be enrolled in a qualified high-deductible health plan (HDHP) and meet IRS eligibility rules. You generally cannot be enrolled in Medicare or claimed as a dependent on someone else’s tax return. Employer-sponsored HSAs and individual HSAs are both supported, and contributions can come from you, your employer, or both.

Contribution and catch-up rules

Annual contribution limits are set by the IRS and include both employee and employer contributions. Individuals age 55 and older may be eligible for an additional catch-up contribution. Busey Bank’s HSA makes it easy to track contributions and monitor year-to-date totals so you can stay within allowable limits and maximize tax advantages.

Spending and qualified expenses

HSA funds can be used to pay for a wide array of qualified medical expenses. Eligible uses typically include copays, deductibles, prescription medications, dental and vision care, and certain equipment and supplies. Withdrawals used for qualified expenses are tax-free. Withdrawals for non-qualified expenses may be subject to taxes and penalties, particularly before age 65.

Investing your HSA balance

Busey Bank offers the option to invest HSA funds once your balance meets the required minimum. Investing allows you to pursue long-term growth and potentially outpace inflation. Investment choices may include mutual funds, managed portfolios, or other investment vehicles offered within the HSA program. Keep in mind that investments involve risk, and returns are not guaranteed.

Convenient access and account tools

Manage your HSA with ease using online and mobile banking tools. View balances, track contributions and distributions, categorize expenses for tax reporting, and access transaction history. Many HSA accounts include an HSA debit card for convenient point-of-sale purchases and ATM access, simplifying payments for eligible expenses.

Security and safeguards

Security is a priority. Busey Bank employs industry-standard protections to safeguard your deposits and account information. Deposits held in the bank are subject to applicable deposit insurance rules. Additionally, account activity monitoring and secure online access help protect against unauthorized transactions.

Fees and account minimums

HSA programs may include nominal monthly maintenance fees, investment-related fees, or transaction fees depending on the features you select. Busey Bank provides clear disclosures about any fees associated with HSA accounts so you can choose the plan and services that best fit your needs. Many account features are designed to deliver value for both everyday spending and long-term saving.

Why choose Busey Bank for your HSA?

Busey Bank combines straightforward account management with personalized support and the flexibility to grow your HSA over time. Whether you’re focused on day-to-day qualified expenses or building a tax-advantaged healthcare nest egg for the future, our HSA offering is built to be practical, transparent, and durable. Benefit from reliable account services, a range of investment options, and tools that help you plan and document medical spending for tax purposes.

Getting started

Opening an HSA is simple when you have a qualifying HDHP. Review eligibility, consider contribution strategies, and determine whether you want basic deposit-only features or the ability to invest funds. Keep careful records of qualified medical expenses and consult a tax professional for personalized guidance on contributions, distributions, and tax treatment.