St. Joseph HSAs


Managing your healthcare costs can get tricky. At Sentry Bank, we provide the ability to open Health Savings Accounts near St. Joseph, MN for you!


Let’s go over the basics of opening and using Health Savings Accounts and how Sentry Bank can help manage your account. When you’re ready to get setup, drop in, or contact us today.

A Health Savings Account (HSA) is a qualified savings account the government allows you to make tax deductible contributions to, which you can then use to cover out-of-pocket medical expenses.

You can decide how much to contribute annually to your HSA, however a penalty may be applied if government-mandated maximums are exceeded. The maximum limits are usually adjusted every year.

Through Sentry Bank, you’ll receive a debit card or checks linked to your HSA, just like a normal checking account. Then, you can use the funds as usual on eligible medical expenses include deductibles, copays, coinsurance and other qualified medical expenses.

Qualifying For An HSA

If you’re enrolled in a high-deductible health insurance plan (HDHP) as defined by the government, you can qualify for an HSA.

For 2017, the IRS defines an HDHP for an individual as a plan with an out-of-pocket maximum of $6,550 and a minimum deductible of $1,300. For a family plan in 2017, the out-of-pocket maximum is $13,100 and the minimum deductible is $2,600.

Tax Benefits

Contributions to Health Savings Accounts near St. Joseph, MN are pre-tax/tax-deductible, so the money grows tax-free and can come out tax free.

For example, if you make $40,000 per year and you put $3,000 in your HSA, you will be taxed as though you make $37,000, thus lowering your tax burden. But, if you use the money on non-eligible expenses, you have to pay income tax on that amount.


Sentry Bank has been a strong presence in St. Joseph since 1904, when it was known as First State Bank of St. Joseph and maintained a downtown location. Now found on the east side of town – along State Highway 75 & 4th Ave. NE – our community bank is conveniently located and easy to find! Stop in anytime to start Health Savings Accounts near St. Joseph, MN or just to say hello to our friendly staff.

For more information on HSAs, drop in, or contact us today.

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