Health Savings Accounts

Open an HSA in 5 Easy Steps!

Step 1: Establish Eligibility

• As an individual account-holder, you are responsible for determining your eligibility to establish a health savings account. To help you do this, you must complete an HSA Eligibility and Information Form .

• You must also have a qualified high deductible health plan (HDHP) in place prior to opening your HSA.

• We strongly urge you to confirm your eligibility with your tax accountant, attorney, or benefits consultant prior to opening an account.

Step 2: Complete the Health Savings Account Application
An Account Opening Checklist is included in the Health Savings Account (HSA) Owners Manual. We recommend that you use it as a guide to ensure that all needed documentation is properly completed. Stop by or email marine@mercbanx.com to request a copy today.

Step 3: Open your HSA with Marine Bank & Trust
Within 48 hours, Marine Bank & Trust will open your account and you will be able to begin making contributions. A confirmation will be sent to you via email or phone upon your account opening. You will need to stop by one of our convenient locations to complete your signature card and other required account documentation.

• $100 minimum balance to open

• No monthly service fee for our checking customers*

• No minimum balance fee. Instead, a $25 hold will be placed on your HSA balance to maintain the account. This means that your available balance for check writing and debit card transactions will be $25 less than your actual balance. The bank reserves the right to close your account if you allow the balance to fall below $25 for three consecutive months.

• Unlimited transactions

• Free Internet Banking, Bill Pay, and eStatement

• No annual fee MasterMoney™ Debit Card (separate application required)

• No fee Automatic Funds Transfer

• Safe. Secure. FDIC Insured.

• Direct Deposit Service

• Competitive rate based on your balance (Contact us for current rates)
  

• *If you are not a checking customer, a monthly service fee of $10.00 will apply. You can avoid this service fee provided you maintain one checking account with any positive outstanding balance at Mercantile Trust & Savings Bank. Fees may reduce earnings. We reserve the right to limit deposit amount. A $25.00 early closing fee may be imposed if account is closed within the first six (6) months of plan set-up.

Step 4: Use your Health Savings Account
To use your HSA, you can simply write checks or use your debit card for eligible medical expenses. You can also receive reimbursements by submitting a withdrawal form to Marine Bank & Trust:

Marine Bank & Trust
Attn: Health Savings Account Administrator
410 Buchanan St
P.O. Box 190
Carthage, IL 62321-0190

Step 5: Reap the tax benefits
Qualified contributions can be deducted from your gross income upon filing your Federal Income Tax return (see your tax advisor for additional information).