Advantages of a Kearny Bank HSA
Contributions can be made by you, your employer, or both.
If you claim a family member on your taxes HSA funds may be used for their qualified expenses even if you have just single coverage.
Funds earn TAX-FREE interest.
Funds roll-over at year end and keep earning interest.
The account is portable, and money remains available even if you change health plans, employers or retire.
After the age of 65 funds can be withdrawn for any reason without penalty.
Distribution will be subject to federal tax unless used for qualified expenses.
Kearny Bank will issue a convenient debit card allowing for timely payments.
Eligibility
To be eligible for a health savings account, you must be covered by a high-deductible health plan and meet the following criteria:
May not be covered by another health plan that is not an HDHP (except certain plans that provide specific limited types of coverage.)
Are not enrolled in Medicare.
Can not be claimed as a dependent on another person’s tax return.
How Does an HSA Work?
An HSA allows you to save untaxed money to cover qualified healthcare expenses. These expenses can include medical, dental, vision, chiropractic, pharmaceuticals and more. The current contribution limits are $4,300 for individuals and $8,550 for families in 2025. You can take distributions anytime to pay for qualified expenses incurred after opening the HSA. Save money and receive tax benefits while taking care of yourself and your family's healthcare needs with an HSA.
Important Information
Distributions before age 65 that are used for non-qualified expenses will incur a 20% penalty and will be taxable.
Contributions may not cover the total of your expenses.
You must keep careful records to prove the use of withdrawals.
Featured Key Benefits
Kearny Bank Debit Mastercard®
Use your Debit Mastercard to make everyday purchases anywhere Mastercard is accepted, and purchase payments will be deducted directly from your account. Your card can also be used at any ATM to get cash, check balances or make transfers. In addition, the MoneyPass ATM network allows you to access nearly 40,000 convenient surcharge-free ATMs nationwide.
SecureAlerts:
Establish alerts for instant access to purchase activity. Alerts can be set via our mobile app or Online Banking.Digital Wallet:
Add your Kearny Bank Debit Mastercard to your digital wallet for faster purchases in-store, online and in-app.Customized Usage Control:
Reduce debit card fraud, set spending limits, monitor and manage your card through our mobile app.
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Open a Health Savings account today.
Get tax advantages and pay for medical with an HSA.