Personal Health
Savings Account 

Health Savings Account FAQs

• How do I contribute to my HSA?

  Mercantile offers a number of options for making contributions to your HSA:

  • Set up direct deposit contributions through your employer
  • At an ATM using your Mercantile HSA Debit Card Online by logging into your Mercantile personal online banking and scheduling a transfer from another Mercantile account or an external transfer account
  • In person at any of our branch locations
  • By mail with an HSA Contributions Instruction Form to HSA Support

• Who is eligible?

  You're eligible to open a Health Savings Account (HSA) if you're covered by a high-deductible health plan, not enrolled in another health insurance plan or Medicaid, and not claimed as someone else's dependent. 

  If you meet these requirements, we encourage you to open an HSA with Mercantile Bank or connect with one of our HSA specialists to learn more about the benefits. 

• How can I use my HSA funds?

  HSA funds are eligible for qualified medical costs, such as doctor appointments, prescriptions, and select over-the-counter items. 

• What happens to my HSA if I leave my employer?

  Funds in your HSA belong to you and are independent of your employer. You may continue to use the funds to pay for qualified medical expenses tax-free. However, you can only continue to contribute to the HSA if you continue to participate in a qualified High-Deductible Health Insurance Plan after you leave your employer.

• Are investment options available for my HSA?

  Mercantile Bank, in partnership with Devenir—the national leader in HSA investments—offers account holders access to top-tier mutual funds across various asset classes. Once your HSA checking balance reaches $2,500, you can begin self-managing investments and potentially earn higher, tax-free returns. 
  
  Visit our HSA investment page to learn more.