Home Personal Banking Health Savings Account Health Savings Account Save for future health expenses and enjoy tax advantages by opening a Health Savings Account with Mechanics Savings Bank. A Health Savings Account (HSA) can be established by eligible individuals1 covered under a high-deductible health plan (HDHP) to save for and fund qualified medical expenses2. Contributions are fully tax-deductible, earnings are tax-deferred, and distributions used to pay for qualified medical expenses are tax-free. Benefits & Features No monthly service charge Includes a Health Savings debit card Pay for qualified expenses with a debit card, check, or online Bill Pay First order of checks are free Earns interest Balance rolls over from year to year You own the account, so it can move with you if you change jobs or health plans Your employer can contribute3 Contributions/deposits can be made via payroll deduction and direct deposit3 1 Eligible individuals have a high deductible health plan, are not covered by other health insurance, and are not enrolled in Medicare. 2 Reference IRS publication 502 for “qualified medical expenses”. 3 Check with your employer to verify that contributions may be made to any HSA custodian.