Skip to content

Health Savings Account (HSA)

Keep high medical costs from obliterating your personal savings account. An interest-bearing health savings account (HSA) lets you save for medical expenses if you are covered under a high deductible health plan (HDHP).

Best of all, your money will stay with you throughout the years — even if you change careers. Make your health a priority and start saving today! Lee Bank has several conveniently located branches throughout the Berkshires.


  • Tax-advantaged, high-interest savings account
  • Tiered rates increase as balance rises
  • $5 monthly service fee waived with $1,000 minimum balance
  • Contributions are tax free or tax deductible*
  • Interest grows tax free
  • Withdrawals are tax free when used for qualified medical expenses**
  • Funds rollover year-to-year automatically
  • Easy access by check, debit card, online, in-person
  • $25 minimum deposit to open
  • Must be covered under a qualified, high deductible health plan
  • Must not have coverage by another type of health plan
  • Cannot be claimed as a dependent on another person's tax return
  • Cannot be enrolled in Medicare

2023 offers individuals and families additional opportunities to save for current and future health care with a Health Savings Account (HSA):

  • HSA holders can choose to save up to $3,850 for an individual and $7,750 for a family (HSA holders 55 and older get to save an extra $1,000 which means $4,850 for an individual and $8,750 for a family) – and these contributions are 100% tax deductible from gross income.
  • Minimum annual deductibles are $1,400 for self-only coverage or $2,800 for family coverage.
  • Annual out-of-pocket expenses (deductibles, copayments, and other amounts, but not premiums) cannot exceed $7,050 for self-only coverage and $14,100 for family coverage.
Contribution Limit 55+ Contribution
Single $1,400 $7,550 $3,850 $1,000
Family $2,800 $14,100 $7,750 $1,000

For more detailed information on HSA plans and taxes, visit the U.S. Department of Treasury website at or talk with your tax advisor.

Apply in minutes. It's easy!

*Consult a tax advisor.

**Withdrawals for non-qualified medical expenses are subject to income tax and a 10% penalty. The 10% penalty is waived for persons 65 and over or who have become disabled.