Logo
Home | Personal Banking | Business Banking | Investing | Home Mortgages | About Us | Locations | Careers | Contact Us | Search |
splash photo

Health Savings Accounts Home Page

Health and Medical Savings Account are tax-exempt accounts with a financial institution in which you accumulate savings to pay for medical expenses. Contributions and income earned on funds in the accounts are 100% TAX FREE. The account allows you to enjoy tax reductions while having affordable premiums and decreasing your out-of-pocket expenses without risking your insurance protection.

Bank of Oak Ridge's HSA is designed with you in mind. Our custodial account is a checking account with the convenience of a FREE Visa Check Card, FREE Unlimited Check Writing, FREE ePersonal Internet Banking and Bill Payment, and ACH for your HSA Contributions.

Please use the buttons below to open an HSA or for more information. If you have any questions about HSAs or any of our other products or services either...

  • Call us during business hours at (336) 644-9944
  • Email us
  • Drop by one of our convenient locations

Online HSA Service Center
Click here if you are an individual with a qualified high deductible medical plan and are ready to open an HSA account.
Click here if you are an insurance agent that wants to open a HSA account for your client.
Click here if you are a employer that wants to use Bank of Oak Ridge for your company's HSA.
Click here if you want to access forms for opening and managing your Bank of Oak Ridge HSA.
Click here if you want to know more about Health Savings Accounts.


Health Savings Accounts

A Health Savings account provides you the opportunity to save for future health care expenses. Established by federal legislation, HSAs are very similar to IRAs in that they offer tax advantages on all contributions, interest and qualified withdrawals.

If you have a qualified high deductible medical plan, you can use an HSA to get:

  • Tax Advantages. Contributions are tax-deductible, earnings are tax-deferred, and qualified withdrawals are tax-free.
  • Better manage your health care dollars. You withdraw your funds when you need them. Withdrawals are tax-free and penalty-free when made for qualified expenses.
  • Pay for a broad range of health care services. You can use your HSA to pay for covered expenses that apply toward your deductible, or pay for qualified medical expenses that your health plan doesn't cover, such as contact lenses, dental and orthodontic services, certain types of alternative medicine, and long term care insurance.
  • A supplement to your retirement income. At age 65, accumulated funds can also be withdrawn for non-qualified expenses, or medical expenses not covered by Medicare, subject to income tax.


    • To find out even more about HSAs please visit our Frequently Asked Questions page. If you are an individual that has a qualified high deductible medical plan and would like to open a Bank of Oak Ridge HSA Click Here.

    Equal Housing Lender - Member FDIC
    Privacy and Security