Health Savings Accounts




Inland Bank no longer offers Health Savings Accounts effective 08/19/22. Below you'll find a link to HSA Bank, a division of Webster Bank, N.A., where you can explore Health Savings Account options.

HSA Bank


Inland Bank and Trust (“Inland Bank”) has entered into an agreement with HSA Bank, a division of Webster Bank, N.A., for the custodial transfer of your HSA. Effective November 7, 2022, Inland Bank is resigning and will no longer serve as Custodian. Unless you choose to transfer your account to another custodian, HSA Bank, as our named successor Custodian, will take over all servicing and support of your HSA under a new custodial agreement. This transfer is subject to regulatory approval and does not apply to any other accounts you may currently have with Inland Bank. Please note the following:

  • Your HSA will automatically transfer to HSA Bank if you maintain a balance of $.01 or more.
  • If you maintain a balance of less than $.01 your account will not be transferred to HSA Bank and we will close your HSA on November 7, 2022.
  • If we currently do not have a valid mailing address on file your account will not be transferred to HSA Bank.
  • A final account statement will be mailed to you on December 5, 2022.
  • You will need to re-establish any pre-authorized transfers you previously had in place once your HSA has transferred to HSA Bank. Please note that your existing pre-authorized transfers will be canceled as of October 27, 2022.
  • If you have an Inland Bank investment account with Devenir, please note that Inland Bank will no longer offer that investment option.  Please refer to the information below.

With this change to HSA Bank, you are to receive from HSA Bank:

  • A new HSA Bank Health Benefits Debit Card and Welcome Kit.
  • Tax forms (only if you took distributions and/or made contributions in 2022):
    • Inland Bank for the portion of the 2022 tax year during which Inland Bank was your HSA Custodian. 
    • Tax forms from HSA Bank for the portion of the 2022 tax year during which HSA Bank will be the Custodian.
  • Additional information about your rights and obligations with respect to your HSA.

You may view the new custodial agreement at, HSA Bank’s Privacy Policy at, and standard fees at

If you do not want your account to be transferred to HSA Bank, or if your balance is less than $.01, then on or before October 17, 2022:

  • You may direct us to transfer or rollover your account from Inland Bank to another Custodian. To allow time to complete a transfer, you should start the process with the other Custodian as soon as possible.
  • You may close your HSA by contacting Inland Bank at 1.877.908.6555 or by writing to us at:

Inland Bank and Trust

2805 Butterfield Road, Suite 200

Oakbrook, IL 60085


HSA Bank, a division of Webster Bank, N.A., is an industry-leading HSA provider and will offer you ways to manage your healthcare spending and build healthcare savings. Together with HSA Bank, we are committed to making this transition as easy and seamless for you as possible.



If you have an Inland Bank investment account with Devenir, you must take action to sell the investments prior to market close at 4 p.m. EST on October 31, 2022. If you do not sell your investments by market close at 4 p.m. EST on October 31, 2022, then Inland Bank will sell your investments on your behalf and transfer the proceeds to your Inland Bank HSA . If no action  is taken by the aforementioned  deadline, then all pending transactions, including repayment requests, will be cancelled.

Please note the following important information related to liquidating your investment account:

  • You will not be able to invest funds in your HSA Bank HSA while the transfer is in process, until the balance fully transfers to HSA Bank on November 7, 2022.
  • If you have any repayment requests pending at the time your account is closed by Inland Bank, those repayment requests may not be processed by Inland Bank.
  • Your HSA funds will not earn any interest while the account transfer is in process.
  • Once your funds have been liquidated you will no longer have access to the Devenir investment portal and contributions. We recommend that you archive current information and past statements prior to liquidation.

HSA Bank currently offers two different self-directed investment options, the Devenir Mutual Fund Investment Program and TD Ameritrade self-directed brokerage account.*  Once the account transfer is completed, you may be offered the opportunity to invest in one or both programs once you’ve met the $1,000 cash account minimum threshold. 

  • Devenir Guided Portfolio Self-Directed Investment Program offers low-cost, no-load mutual funds covering a range of asset classes. The Devenir Mutual Fund Investment Account includes a 0.30% annual fee, which is charged quarterly.
  • TD Ameritrade Self-Directed Brokerage Option offers stocks, bonds, ETFs, and thousands of mutual funds. Please view the trading fees link to review any applicable trading fees that may be applied by TD Ameritrade.

The foregoing information concerning accounts offered by HSA Bank has been provided by HSA Bank and is subject to verification by you.  For more information, see HSA Bank’s investment resource page for HSA Bank’s Self-Directed Investment Options.

*Brokerage services provided by TD Ameritrade, Inc. member FINRA/SIPC, a subsidiary of The Charles Schwab Corporation.  TD Ameritrade is a trademark jointly owned by TD Ameritrade IP Company, Inc. and The Toronto-Dominion Bank. Investment services provided by Devenir Group, LLC. HSA Bank, TD Ameritrade and Devenir are separate and unaffiliated companies, and are not responsible for each other's services or policies. Neither HSA Bank nor Devenir provide investment advice. Self-directed brokerage and investment accounts are the sole responsibility of the account owner. HSA Bank and other business entities receive compensation for providing various services to the funds including but not limited to service fees rendered in association with the investment account.


Contribution Limits

What are the limits for a 2021 and 2022 health plan?



Plan Type  Minimum Deductible    Maximum Out-of-Pocket Contribution Limit   55+Contribution
Single  $1,400 $ 7,000  $3,600 $1,000 
Family  $2,800  $14,000  $7,200 $1,000 



Plan Type  Minimum Deductible    Maximum Out-of-Pocket Contribution Limit   55+Contribution
Single  $1,400 $ 7,000  $3,600 $1,000 
Family  $2,800  $14,000  $7,200 $1,000 


Individuals age 55 and over may contribute an additional $1,000 above the maximum for each tax year.

Check with your employer to see if you can contribute to your HSA with before-tax payroll deductions. Or, you can make contributions to your HSA up to the annual IRS contribution limits on an after-tax basis and deduct them on your tax return.

Qualified Expenses

Expenses incurred by the account beneficiary and his or her spouse and dependents; COBRA premiums; Health insurance premiums while receiving unemployment benefits; Qualified long-term care premiums; Medicare premiums, by individuals age 65 or older. This list below provided by is not all-inclusive; additional expenses may qualify, and the items listed below are subject to change in accordance with IRS regulations. For more information or clarification on individual list items, refer to Publication 502, visit the IRS website by clicking the link below or consult a tax professional.

Click here to visit the IRS Website for a complete list of qualified and non-qualified expenses

  • Ambulance
  • Annual Physical Examination
  • Artificial Limb
  • Artificial Teeth
  • Bandages
  • Body Scan
  • Braille Books and Magazines
  • Capital Expenses
  • Chiropractor
  • Contact Lenses
  • Crutches
  • Dental Treatment
  • Diagnostic Devices
  • Disabled Dependent Care Expenses
  • Drug Addiction
  • Drugs
  • Eye Exam
  • Eyeglasses
  • Eye Surgery
  • Founder’s Fee
  • Guide Dog or Other Service Animal
  • Health Institute
  • Health Maintenance Organization (HMO)
  • Hearing Aids
  • Home Care
  • Home Improvements
  • Hospital Services
  • Insurance Premiums
  • Intellectually and Developmentally Disabled, Special Home for
  • Laboratory Fees
  • Lead-Based Paint Removal
  • Learning Disability
  • Legal Fees
  • Lifetime Care-Advance Payments
  • Long-Term Care
  • Meals
  • Medical Conferences
  • Medical Information Plan
  • Medicines
  • Nursing Home
  • Nursing Services
  • Operations
  • Optometrist
  • Organ Donors
  • Osteopath
  • Oxygen
  • Physical Examination
  • Prosthesis
  • Psychiatric Care
  • Special Education
  • Stop-Smoking Programs
  • Surgery
  • Therapy
  • Transplants


Learning Center

HSA Forms

Please call us toll free at 877.908.6555 for additional requests including debit card requests, change of address, change of direct deposit, contribution and distribution requests.

Frequently Asked Questions

How does an HSA plan work?

An HSA works in conjunction with high deductible health insurance. Your HSA dollars can be used to help pay the health insurance deductible and any qualified medical expenses, including those not covered by the health insurance, like dental and vision care. Any funds you withdraw for non-qualified medical expenses will be taxed at your income tax rate, plus 20% tax penalty.

Once you meet your calendar-year deductible, the health insurance pays remaining covered expenses in accordance with the terms and conditions of your particular plan. Some plans pay 100% of covered expenses after the calendar-year deductible is met.

Can my HSA be used to pay premiums?

No, this would be a nonmedical withdrawal, subject to taxes and penalty.


No penalty or taxes will apply if the money is withdrawn to pay premiums for:

1. Qualified long-term care insurance; or

2. Health insurance while you are receiving federal or state unemployment compensation; or

3. Continuation of coverage plans, like COBRA, required under any federal law; or

4. Medicare premiums.

Are contributions to my HSA tax deductible or not tax deductible?

If contributions to your HSA are made with pre-tax dollars (money that you contribute through payroll deduction), those contributions are not considered taxable income. If contributions to your HSA are made with post-tax dollars (Money that has already been subject to income tax), those contributions are deductible on your federal income tax return.
Note: Check with your employer and/or tax advisor for details about how contributions are made to the plan.

What happens to my HSA if I leave my health plan or job?

You own your account, so you keep your HSA, even if you change health insurance plans or jobs. We can continue to administer your HSA account if you choose. If you no longer are enrolled in a high-deductible health plan, you are not eligible to make new contributions to your HSA, but you can continue to withdraw funds for qualified expenses.

What happens to your HSA in event of death?

Your HSA will be treated as your surviving spouse’s HSA, but only if your spouse is the named beneficiary. If there is no surviving spouse or your spouse is not the beneficiary, then the savings account will cease to be an HSA and will be included in the federal gross income of your estate or named beneficiary.

What expenses are qualified for reimbursement from my HSA?

You are eligible to receive tax-free reimbursement for qualified health expenses not covered by your insurance as defined by Section 213(d) of the Tax Code. A list of these expenses is available on the IRS website, HSA distributions used for any purpose other than the qualified medical expenses listed will be taxable, and the appropriate tax rules will apply.

What happens when I reach age 65?

When you reach age 65, if you are still in a group HSA qualified plan, nothing changes. You can still contribute and use HSA dollars tax free. If you enroll in any form of Medicare, you cannot make new contributions but, you may use your HSA funds tax free for qualified expenses and draw funds as ordinary income without penalty.

Guidelines for completing a Rollover of funds from an HSA

  • The accountholder has 60 days to roll the funds over to a new trustee or custodian to avoid tax consequences.
  • You may make a rollover contribution of funds from another HSA during a one‐year period.
  • The rollover amount does not count toward your annual contribution limits.

*Please note, rollovers may be completed one time annually for tax free accounts. We recommend you consult a tax advisor regarding rollovers and transfers.

To avoid possible tax consequences, the rollover funds must be deposited within 60 days of the funds distribution. Individuals can roll over contributions once every 12 months into their Inland Bank HSA.

Guidelines for completing a Transfer of funds from an HSA

  • You may make a transfer contribution of funds from another HSA at any time.
  • The transfer amount does not count towards your annual contribution limits.
  • Inland Bank does not provide tax advice. Consult your tax advisor for more information.

What is a qualified healthcare expense?

Qualified expenses are outlined in IRS Publication 502.

What about nonmedical withdrawals?

Nonmedical withdrawals from your health savings account are taxable income and subject to a tax penalty.

This tax penalty does not apply if the withdrawal is made after the date you:

1. Attain age 65;

2. Become totally and permanently disabled; or

3. Decease

How do I access my Inland Bank HSA checking account online?

You can log in to your account anytime at

Will I lose my HSA balance at the end of the year?

No. Once money is in your HSA, it is yours and will not be forfeited at the end of the year. Your balances will rollover year after year. The HSA is yours, even if you leave your employer, retire, or change health plans.

Can I use my HSA to pay for my spouse’s or children’s healthcare expenses?

Yes. Your HSA can be used to pay for qualified healthcare expenses of your spouse and any family member who qualifies as a tax dependent. Remember, if your spouse and/or dependents are not covered by your health plan, their expenses will not apply to your deductible.

Who can make a deposit to my HSA?

Anyone can contribute to your HSA, however, only you and your employer (if applicable) receive tax deductions on contributions. When you contribute through payroll deductions, your contributions are pre‐tax.

Can I spend my HSA dollars any time?

Yes. You can withdraw your HSA funds at any time, tax‐free, and without penalty when you are paying for qualified healthcare expenses. If you withdraw funds for non‐qualified expenses, you will pay income tax plus a 20% penalty.

Pay with an HSA

You have several ways to pay for qualified medical expenses:

VISA Debit card
Use the Inland Bank Visa® HSA debit card  to:

  • Pay on-the-spot at a doctor’s office, pharmacy or other health care facility.
  • Pay a bill you receive from a doctor or other provider.

Online bill payment
Use our secure website to send payments directly to your health care providers, pharmacy, or other payees.

When you pay for qualified expenses out-of-pocket, you can log in and request an ACH or check disbursement or write a check out of your HSA.

Inland Bank Mobile App
Always on the go? Download the Inland Bank Mobile App today to send payments directly to your health care provider and reimburse yourself for an out-of-pocket payment, without ever having to sit down at your computer.

Will Inland Bank monitor my account for authorized withdrawals and deposit limitations under the IRS rules for Health Savings Accounts?

We will report activity on your account to the IRS at year‐end, but you are responsible for keeping track of funds deposited and whether or not withdrawals fall under the guidelines for HSA accounts.

How do I contact Inland Bank?

 Call us toll free at 877.908.6555.


HSA Tools

Getting the Most out of Your Health Savings Dollars

Mistaken Distribution - A mistaken distribution occurs when an HSA owner takes an HSA distribution that was mistakenly believed to be qualified. A distribution may only be returned as a mistaken distribution if deposited no later than April 15 of the year following the year it was determined to be a mistaken distribution. Please contact us at 877.908.6555

Excess Contribution- An excess contribution occurs when you put more money into your Health Savings Account(HSA) than the law allows. You can withdraw the excess amount plus earnings by the date your tax return is due for the year, including extensions. Please contact us at 877.908.6555.

Special contributions

Build your HSA balance by transferring or rolling over funds from an IRA or another HSA.

* Distributions, rollovers and transfers are subject to IRS restrictions. Please contact your tax advisor for information.

Request an IRA distribution

You can make a one-time contribution from a traditional IRA or Roth IRA into your HSA. Contact your IRA administrator to request a distribution. Keep in mind that the amount of the contribution cannot be more than you are eligible to contribute to your HSA for the tax year. If your employer contributes to your HSA, make sure to take that into account.

 Transfer funds from another HSA

If you have an HSA from another bank that you want to close, you can transfer the funds to your Inland Bank HSA. To do so, download, fill out and send the Request to Transfer HSA to the previous administrator.

Rollover funds from another HSA

If you want to move funds from an existing HSA to your Inland Bank HSA, you can request a distribution from your current administrator and send us a check with the Rollover Review Form. 

Tax Center

Frequently Asked Questions

How do I save on taxes with an HSA?

The money you contribute to your HSA is tax-deductible up to the annual contribution limit. For example, if you are in the 28 percent tax bracket and deposit $3,000 into your HSA, you could save $840 in federal income taxes. Money you take out of your HSA to pay for qualified medical expenses is tax-free. Interest you may earn on your HSA grows income tax free.

Which forms do I need to file my taxes?

There are three tax forms associated with health savings accounts (HSAs): IRS Form 1099-SA, 5498-SA and IRS Form 8889.

Please use the information in your 1099-SA form, available online, to fill out IRS tax form 8889. Form 8889 is the only one you need to submit with your taxes. You can find IRS tax form 8889 in the “Statements & Docs” section after signing in to your account.

  • IRS form 1099-SA shows the amount of money you spent from your HSA during the tax year.
  • IRS form 5498-SA shows the amount of money deposited into your HSA for the tax year.
  • IRS form 8889 is the form you fill out and submit with your tax return.

When will I get my tax forms?

IRS Form 1099-SA is typically available at the end of January. It will be posted to your account and mailed, if elected. IRS Form 8889 can be downloaded from at any time.

IRS Form 5498-SA is typically available around the end of January. If you contribute in the new year for the previous tax year, you will also get another 5498-SA form in May.

Why doesn’t my W-2 match the Form 5498-SA?

If the contributions on your W-2 don’t match your Form 5498-SA, you likely made after-tax contributions or contributions between January 1 and tax day for the previous tax year.

What do I need to report to the IRS?

In addition to the forms noted above, keep track of your spending in case you have to prove you used funds for qualified medical expenses. It’s up to you to keep track of your expenses and report any funds you use for nonqualified medical expenses.

What about nonqualified expenses?

It’s up to you to maintain records to verify that funds were used for qualified medical expenses. Funds used for nonqualified expenses will be taxed as income and subject to a 20 percent penalty. If you mistakenly use your HSA for a nonqualified expense, you can return the funds to your HSA to avoid the penalty. If you are 65 or older or enrolled in Medicare, you can use your HSA for nonmedical expenses without incurring a tax penalty. Those distributions will be treated like retirement income and will be subject to normal income tax.

What happens if I contribute too much?

If you contribute more than the allowable amount, you will have to count the extra amount as taxable income, and the IRS may have you pay a 6 percent excise tax on the excess contributions. This tax applies to each tax year the excess contribution remains in the account.

If you do make excess contributions, you can prevent being penalized by completing an HSA Distribution Form (view our forms Library) to have excess funds returned to you.

Where can I find my state tax information?

Each state can decide to follow the federal tax guidelines for HSAs or establish its own. Please consult a tax advisor regarding your state’s rules or visit your state’s Department of Revenue office for more information.

While health savings accounts (HSAs) were created by the federal government, states can choose to follow the federal tax treatment guidelines or establish their own.

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