meta

Health Savings Account (HSA) at Old National Bank

Plan smarter for health and wealth. Old National Bank’s Health Savings Account (HSA) is a flexible, tax-advantaged account designed to help you pay for qualified medical expenses today while building savings for future health care needs. Combining tax benefits, easy access to funds, and optional investment choices, the HSA is a powerful tool for individuals and families covered by a high-deductible health plan.

Key Benefits

• Triple tax advantage: Contributions may be tax-deductible, earnings grow tax-deferred, and qualified distributions for medical expenses are tax-free.
• Control and portability: You own the account — it stays with you even if you change jobs or insurance plans.
• Long-term savings potential: Unused funds roll over year to year and can be invested for future health care or retirement needs.
• Flexible access: Use your funds for a wide range of qualified medical expenses, including deductibles, prescriptions, dental and vision care.
• Convenient account management: Online banking, mobile access, and debit card options make paying medical bills and tracking expenses simple.

Who Is Eligible?

The HSA at Old National Bank is intended for individuals and families enrolled in a qualifying high-deductible health plan (HDHP). You generally cannot be claimed as a dependent on someone else’s tax return or enrolled in certain other types of health coverage. Eligibility rules are set by tax authorities and may change over time, so confirm your status before opening an account.

How the Account Works

Contribute pre-tax dollars through payroll deductions where available or make after-tax contributions and claim the deduction on your tax return. Funds deposited into the account are available to pay or reimburse qualified medical expenses incurred by you, your spouse, and eligible dependents. There is no use-it-or-lose-it rule — remaining balances carry forward, allowing the account to grow over time.

Contribution and Investment Options

Old National Bank offers flexible contribution methods and a variety of investment options for HSA balances that exceed the cash threshold. You can start with a cash balance for everyday expenses and choose to invest part of your savings in professionally managed mutual funds or other investment vehicles offered through your account platform. Investing allows potential growth to help cover long-term health-related costs or supplement retirement savings.

Spending and Reimbursement

Access funds directly with an HSA debit card, online bill pay, or request a reimbursement from your account. Keep receipts and documentation for qualified expenses for your records and to verify tax-free withdrawals as needed. If funds are used for non-qualified expenses before age 65, withdrawals may be subject to taxes and penalties; after age 65, distributions for non-medical expenses are treated similarly to other retirement accounts.

Account Security and Service

Old National Bank protects your HSA with modern security protocols, including secure online access, encryption, and fraud monitoring. Customer service teams are available to help you navigate account setup, contributions, investment choices, and eligible expenses. Regular account statements and online tools help you track balances, transactions, and investment performance.

Why Choose Old National Bank for Your HSA?

• Reputable financial partner: Decades of experience in delivering personalized bank and wealth solutions.
• Integrated banking: Seamless connection between your HSA and other Old National Bank accounts for simplified money movement and consolidated account management.
• Educational resources: Clear guidance to help you understand qualified expenses, contribution opportunities, and tax considerations.
• Flexible investment choices: Options designed to match different risk profiles and time horizons for long-term savings growth.

Who Should Consider an HSA?

An HSA can be an excellent choice for anyone enrolled in a qualifying HDHP who wants to reduce current health care costs, save for future medical expenses, or benefit from tax-advantaged growth. It can be especially valuable for savers who expect medical costs in retirement, those focused on tax-efficient saving, and families seeking a portable, long-term health care reserve.

Getting Started

Opening an HSA at Old National Bank is straightforward. Review eligibility requirements, select the contribution and investment approach that fits your goals, and set up convenient contribution methods like payroll deduction or automatic transfers. Use online tools to track expenses, monitor investments, and plan for future health care needs.

Important Considerations

• Review current eligibility and contribution rules set by tax authorities before contributing.
• Keep records of qualified medical expenses to substantiate tax-free distributions.
• Consider your overall financial strategy and consult a tax or financial professional if you need personalized guidance.

Old National Bank’s Health Savings Account is more than a spending tool — it’s a strategic savings and investment vehicle that supports both short-term medical needs and long-term financial wellness. Build health-focused savings with flexibility, tax advantages, and the support of an experienced banking partner.

Open an account to take control of health expenses today and invest in a healthier financial future.

Address Bank: Chicago, Illinois Evansville, Indiana, U.S.
Bank: Old National Bank
Headquarters: Evansville, Indiana
Products: Retirement & Health
Type: Health Savings Account (HSA)