Health
GRB offers no-fee Health Savings Accounts (HSAs) for individuals and families enrolled in high-deductible health plans (HDHP).
Cover Your Expenses With A GRB Health Savings Account
HSAs are designed to help account holders save money specifically for medical expenses that are not covered by their insurance plan. Contributions to an HSA are tax-deductible, meaning you can deduct the amount you contribute from your taxable income, reducing your overall tax liability. Additionally, any interest or investment earnings in the account grow tax-free, and withdrawals for qualified medical expenses are also tax-free.
Funds in an HSA can be used to pay for a wide range of qualified medical expenses, including deductibles, copayments, prescriptions, and certain medical services not covered by insurance. It’s essential to keep track of your expenses and ensure they qualify for HSA reimbursement.
It’s important to note that while employers may contribute toward employee HSA accounts, your HSA is yours and not owned by your employer. This means that even if you change jobs or health insurance plans, your HSA remains with you, and you can continue to use the funds for qualified medical expenses.
Choosing GRB for Your HSA
GRB’s HSA accounts are designed to help individuals and families with:
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Health Savings for Life
As a local company, we understand the needs of local businesses and their employees when it comes to managing health care expenses. With more companies choosing high deductible health plans (HDHPs) for their employees, the HSA is an important piece to the benefit offering to help employees save for their healthcare expenses of today and the future. -
Tailored High-Touch Servicing
HDHPs and HSAs are sometimes new and often confusing to many users. GRB provides on-site education and personalized enrollment support to ensure employees are prepared to effectively use and manage their HSA. -
No-Maintenance Fee HSAs
Health insurance benefits make for a sound business and a sound community, so we don’t believe employers should be charged a fee to offer them. Employers offering the GRB HSA won’t have any monthly account maintenance fees to pay and neither will their employees enrolled in an HSA with GRB.
Federal Contribution Levels
Features |
Tax Year 2024 |
Tax Year 2025 |
|---|---|---|
|
HSA Annual Contribution Limits
|
Individual coverage – $4,150
Family coverage – $8,300 |
Individual coverage – $4,150
Family coverage – $8,550 |
|
HSA Catch-up Contributions
|
Additional $1,000 for an accountholder age 55 or older
|
Additional $1,000 for an accountholder age 55 or older
|
|
Minimum Deductible
|
Individual coverage – $1,600
Family coverage – $3,200 |
Individual coverage – $1,650
Family coverage – $3,300 |
|
Maximum Out-of-pocket Expenses
|
Individual coverage – $8,050
Family coverage – $16,100 |
Individual coverage – $8,300
Family coverage – $16,600 |
All tax references are at the federal level. State taxes may vary. Consult a tax advisor with questions.
Contact your insurance provider if you have questions as to whether your health coverage is HSA-qualified. Other HSA eligibility criteria may apply.
Your personal contribution limit may be lower than the Internal Code maximums. Individuals are responsible for monitoring their contribution limits. Please consult your tax advisor with questions about how the limits may apply to your situation.
HSA Interest Rates
Daily Balance |
Interest Rate
|
APY1
|
Minimum to Open Account |
|---|---|---|---|
|
$0 – $2,499.99
|
0.05%
|
0.05%
|
$0
|
|
$2,500 – $4,999.99
|
0.15%
|
0.15%
|
$0
|
|
$5,000 – $9,999.99
|
0.25%
|
0.25%
|
$0
|
|
$10,000 – $24,999.99
|
0.35%
|
0.35%
|
$0
|
|
$25,000+
|
0.45%
|
0.45%
|
$0
|
- Annual Percentage Yield (APY) offered is accurate as of 9/25/2024. Rates and terms may change without notice after account opening. Fees could reduce earnings on the account.
Contact the GRB Banking Team
Use the dropdown below to fill out our ‘Contact Us’ form, and a GRB Relationship Banker will be in touch with additional account information!