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Health Savings Accounts

A Health Savings Account (HSA) is a tax-exempt account that you can put money into to save for current and future qualified medical expenses. The qualified medical expenses are defined by the IRS. HSAs are available to individuals covered by a High Deductible Health Plan (HDHP).

Download and print this file for quick and easy reference:

HSA Checklist HSA Checklist (351 KB)


Northern Michigan Bank & Trust HSA

  • No administration fee
  • No minimum balance fees
  • Unlimited check writing
  • Minimum opening deposit of $100
  • Initial check order provided free
  • View account online
  • Checking account
  • Savings account
  • FDIC Insured
  • Receive year-end reports (1099SA, 5498SA) showing contributions, distributions and interest earned
  • Debit card


  • Contributions can be made by the account holder, any third-party on behalf of the account holder and/or an employer
  • Contribution maximum for 2017 is $3,400 for an individual and $6,750 for family
  • Catch-up contributions are available to individuals, and their spouses, who are over the age of 55 and who are not enrolled in Medicare
  • Contributions are tax deductible


  • Funds in an HSA can be used tax-free for qualified medical expenses, as defined by the IRS and saved receipts
  • The HSA is a portable account, meaning the HSA stays with the individual even if employment changes
  • Funds carry over from year to year; the HSA is not a “use it or lose it” account


Click here for current HSA interest rates.

Helpful Information

If you would like more information or you are interested in opening a Health Savings Account, call or stop by one of our branches. You may also find out more information by visiting the Government’s Website on HSA’s.


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