Introduction

Getting Started: 4 Easy Steps

FAQs

HSA Service Center

Open Your HSA

Invest Your HSA

Preferred Insurance Providers

Additional Resources

Getting Started: 4 Easy Steps

Step 1: Establish Eligibility

• As an individual account-holder, you are responsible for determining your eligibility to establish a health savings account. To help you do this, use our HSA Eligibility Caluclator in our comprehensive HSA Service Center.
  

• You must also have a qualified high deductible health plan (HDHP) in place prior to opening your HSA. We can help you find the insurance companies and agents that will help you obtain your HDHP.
  

• We strongly urge you to confirm your eligibility with your tax accountant, attorney, or benefits consultant prior to opening an account.

Step 2: Open your HSA with Mercantile Bank

Begin your application process online by visiting our interactive HSA Service Center. Select Open an HSA.  Follow the step-by-step inscructions to complete your application, then simply print and mail your forms to us at the following address: HSA Center, PO Box 3455, Quincy, IL 62305-3455.

Within 48 business hours, Mercantile Bank will open your account and you will be able to begin making contributions. A confirmation will be sent to you via email or phone upon your account opening. You will need to stop by one of our convenient locations to complete your signature card and other required account documentation.

Mercantile Health Savings Account

• $100 minimum balance to open

• No monthly service fee for our checking customers*

• No minimum balance fee. Instead, a $25 hold will be placed on your HSA balance to maintain the account. This means that your available balance for check writing and debit card transactions will be $25 less than your actual balance. The bank reserves the right to close your account if you allow the balance to fall below $25 for three consecutive months.

• Unlimited transactions

• Free eNet Banking, eBill Pay, and eStatement

• No annual fee MasterMoney™ Debit Card (separate application required)

• No fee Automatic Savings Plans

• Safe. Secure. FDIC Insured.

• Direct Deposit Service

• Competitive Rate Based on Your Balance

• Self-directed Investment Options Available
  

  View complete Deposit Rate Chart.
  

*If you are not a checking customer, a monthly service fee of $10.00 will apply. You can avoid this service fee provided you maintain one checking account with any positive outstanding balance at Mercantile Bank. Fees may reduce earnings. We reserve the right to limit deposit amount. A $25.00 early closing fee may be imposed if account is closed within the first six (6) months of plan set-up.

Step 3: Use your Health Savings Account

To use your HSA, you can simply write checks or use your debit card for eligible medical expenses. You can also receive reimbursements by submitting a withdrawal form to Mercantile Bank:

Mercantile Bank
Attn: Health Savings Account Administrator
PO Box 3455
Quincy, IL 62305-3455

Step 4: Reap the tax benefits

Qualified contributions can be deducted from your gross income upon filing your Federal Income Tax return (see your tax advisor for additional information).

All or some of the products, terms, rates and/or special offers on this page may be location specific and may not be available in every market.  Please contact us or visit your local Mercantile office for details.