Health Savings Accounts

A Health Savings Account (HSA) allows you to pay for current health expenses and save for future qualified medical expenses and retiree health expenses on a tax-free basis. In order to establish an HSA, you must have a qualified High Deductible Health Plan (HDHP). The IRS determines the guidelines for qualified HDHPs. The current guidelines are:


You are eligible for an HSA if you:

  • Are covered under an HDHP
  • Are not covered by any other health plan that is not an HDHP
  • Are not enrolled for benefits under Medicare
  • Are not eligible to be claimed as a dependent on another person’s tax return

Benefits and Features

  • Contributions may be excluded from your federal taxable income. Consult your tax advisor for more information
  • Earnings on the account grow tax-free
  • Withdrawals are tax-free when used for qualified medical expenses
  • Unused funds remain in the account for future use

LEB Account

Account Features

    • No opening deposit requirement
  • Tiered interest rates*
  • Free HSA debit card
  • Free internet banking access
  • Account set-up fee of $25.00
  • Monthly account statements
    • Free-estatements
    • $3 paper statement, no images
    • $5 paper statement with images
  • Checks available upon request
  • Minimum balance of $250**
  • Below balance monthly charge of $3.00**

*Please refer to our Rate Chart for current interest rates.
**Minimum balance and below balance monthly charge of $3.00 are waived for the first year.

How to Use

You can use the money in the account to pay for any “qualified medical expense” permitted under federal tax law. This includes most medical care and services, dental care, vision care and prescriptions.

You can use the money in the account to pay for medical expenses for yourself, your spouse or your dependent children even if they are not covered by your HDHP.  Interest compounded monthly.

Qualified HDHP Requirements

Qualified HDHP Requirements
2019 Single Plan Family Plan
Annual Deductible $1,350 or more $2,700 or more
Maximum Out-of-Pocket $6,650 $13,300
2020 Single Plan Family Plan
Annual Deductible $1,350 or more $2,700 or more
Maximum Out-of-Pocket $6,750 $13,500
HSA Contribution Limits 2019 2020
Single Plan $3,450 $3,500
Family Plan $6,900 $7,000

Catch-up Contributions

If you are at least age 55 by the end of the calendar year and not covered by Medicare, you may also contribute an additional amount known as a “catch-up” contribution. For eligible individuals who are married and have family coverage, each spouse who is age 55 or older must make the catch-up contribution to his or her own HSA. The spouse must also be covered under the plan.

Catch-Up Contributions
Taxable Year Maximum Catch-up
2019 – 2020 $1,000


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