Powerco is proud to be one of the few financial institutions in the country that offers a no monthly or annual service fee HSA account.
Our goal is to provide a low cost Health Savings Account (HSA) option that will help our members manage the ever increasing costs associated with health care.
Powerco’s HSA account is in full compliance with the U.S. Treasury and the Internal Revenue Service’s rules for HSA accounts. We are proud to offer our HSA account to our current membership, central Ohio companies who are looking for a reasonable HSA option for their employees as well as health insurance brokers who are providing HSAs to their clients.
In order to be eligible for a Health Savings Account, an individual must be covered by a HSA-qualified High Deductible Health Plan (HDHP) and must not be covered by any other first dollar medical coverage. Contact your employer or a qualified insurance professional if you are unsure if you qualify for an HSA.
With a Powerco HSA you will get an easy to use HSA checking account along with several HSA Certificate of Deposit options. When you open your account you will receive a VISA debit card that will allow you to pay for all of your qualified medical expenses. You will also be provided with a book of checks to pay for expenses where a debit card may not be accepted. By default all HSAs will be setup to receive a monthly E-Statement which will detail your monthly account activity. If you choose to receive a monthly statement by mail, a small fee will apply.
Powerco HSA Account features:
One time enrollment fee of $5.00
No monthly or annual account maintenance fees
Unlimited free debit card access
50¢ fee per check written on the account
Monthly E-Statements are free ($2/monthly fee for U.S. mailed statements)
$2.00 monthly dormant account fee if no deposit or withdrawl activity for six months
Employer HSA Contribution Form (available upon request)
Health Insurance Brokers
If you are looking for a low-cost, local and experienced financial institution to provide Health Savings Account Services to your clients, please contact Ron Wolf at rwolf @powercocu.org or 1-800-367-7485, ext. 116. Our staff will handle all aspects of the HSA banking account enrollment, client education and any ongoing service issues.
*Employee must qualify for Powerco membership.
**Account closure fees, NSF, Stop Pay, and other fees may apply. Please refer to our fee schedule for details.
