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Health Savings FAQs

What is a Health Savings Account (HSA)?

HSAs are the latest news in affordable healthcare for small businesses and self-employed individuals. They provide a way to put money in a special account owned by an individual to pay for current and future medical expenses. HSAs must be used in conjunction with a High Deductible Health Plan (HDHP).

What is a High Deductible Health Plan (HDHP)?

A HDHP is a health insurance plan with lower premiums and higher deductibles than a traditional plan.  You need to verify with your insurance provider and/or with your employer as to whether or not your insurance plan qualifies you to contribute to an HSA. Plans with co-pays are not usually eligible.

How do HSAs Provide Such Affordable Healthcare?

Annual contributions reduce taxable income, allowing qualified medical expenses to be tax-free*. Money saved in an HSA grows tax-deferred until age 65. After age 65, the funds can continue to be withdrawn tax-free* for medical care expenses. Non-medical withdrawals are permitted at this point as well; however, your current tax rate applies to funds used for non-medical purposes at the time you withdraw the money.

Why Macatawa Bank for Your Health Savings Account?

Outstanding Features:

Macatawa Bank does not charge a setup fee for your Health Savings Account. There is no minimum balance requirement and no monthly maintenance fee.


Competitive Interest Rates:

We offer the benefit of tiered interest rates, allowing you to earn more as you save more. This helps you make the most of your healthcare dollars.



At Macatawa Bank, you can access your account to view your transactions and balances at your convenience by logging on to your Macatawa Bank Online Banking at the top of the page or by calling our toll-free automated MAC line system at (877) 622-5700.


We also offer three convenient ways to pay for your qualified medical expenses.

  1. Present your Macatawa Bank HSA MasterCard® Debit Card for payment of services to any healthcare provider who accepts MasterCard®. The cost of your healthcare services will automatically be deducted from your HSA.
  2. Access cash from your account by using your HSA MasterCard® Debit Card at any Macatawa Bank ATM.
  3. Write checks from your HSA. Checks are available for a nominal fee.


Macatawa Bank is an insured financial institution through the Federal Deposit Insurance Corporation (FDIC), so the money in your Macatawa Bank HSA is protected.


Customer Service:

Macatawa Bank is one of the premier banks in West Michigan, with convenient branch locations in Ottawa, Northern Allegan, and Kent counties. Our staff of trained professionals can answer questions you may have on your HSA. In addition, our Customer Service Center has associates available toll-free at (877) 820-2265 to answer any questions.


Long–Term Management Options:

As your account grows in value, Macatawa Bank has other financial options to help you maximize the performance of your account.


How to Apply

Apply online in 10 minutes or less or stop by any Macatawa Bank branch and a representative will assist you with your application and process your deposit. You can also call toll-free at (877) 820-2265 for more information.

*Consult your tax advisor. 

Didn't find what you were looking for?

We would be happy to help you with any questions. Call us at (877) 820-2265 or email us for assistance.

Health Savings Account (HSA)

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