Health Savings Accounts
Thank you for your interest in Cornerstone Community Bank’s Health Savings Account (HSA). HSAs can provide significant tax benefits to eligible individuals. Not only can HSAs provide tax benefits related to paying qualified medical expenses, they may also provide benefits similar to many tax-favored retirement plans.
In choosing Cornerstone Community Bank as your HSA custodian, you can rest assured your FDIC-insured account is safe, and your investment can grow with our competitive interest rates and low fee structure. Cornerstone is a full-service bank with a friendly, helpful staff. We offer free 24-hour account access to your HSA through our Telephone and Online Banking systems.
Getting Started
Once you purchase a qualified High Deductible Health Plan (HDHP), request an application by emailing Laura Graefe. Complete the applicable forms legibly and completely. Send or bring the forms to your local Cornerstone Community Bank with your initial contribution, a photocopy of your driver’s license, a $20.00 set up fee, and $8.65 for your first order of checks. We’ll take care of the rest.
Within 14 days after we receive your application, you will receive your HSA checks and a debit/ATM card (if applicable). Be sure to sign-up for eStatements which will give you up-to-date access to your HSA records at any time.
Our Online Banking service gives you 24/7 access to your account. When you sign up for Online Banking, be sure to have your latest statement handy for required data input. We also provide anytime-access to your account through our Telephone Banking service at 1-888-375-2113.
Our friendly, knowledgeable staff is always eager to help. If you need assistance, our personal bankers can be reached at (262)375-9150 or toll free at 1-888-750-7152.
HSA Application
To open your HSA, send an email requesting an application to Laura Graefe. Return completed forms to Cornerstone Community Bank, 2090 Wisconsin Ave., Grafton, WI 53024. Please include your initial contribution, a photocopy of your driver’s license, a $20.00 set up fee, and $8.65 for your first order of checks.
Do Your Homework!
The application includes an HSA Eligibility and Information Form that must be submitted with your application. This checklist will aid you in determining your HSA eligibility. In addition, you should consult your insurance provider to confirm that your policy is HSA qualified, since there are some very specific IRS requirements that must be met in order for a policy to be eligible.
The following links may be of help to determine your eligibility or to answer other HSA-related questions:
Contribution Limits
2012
- Self Only – $3,100
- Family – $6,250
- Over 55 Catch-up Contribution – $1,000
2011
- Self Only – $3,050
- Family – $6,150
- Over 55 Catch-up Contribution – $1,000
HSA Fees and Features
- Set-up: $20 (waived for HSA/MSA rollovers)
- Maintenance: Free the first year, then $2.00/month if balance falls below $500.00
- Checks: $8.65 (no transaction fee)
- Debit Card: Free
- Tiered Interest Rate:
- $0-$2,499 Balance – 0.05% Annual Percentage Yield
- $2,500-$9,999 Balance – 0.10% Annual Percentage Yield
- $10,000-$19,999 Balance – 0.15% Annual Percentage Yield
- >$20,000+ Balance – 0.20% Annual Percentage Yield