Getting Started: 4 Easy Steps

Step 1: Establish Eligibility

As an individual account-holder, you must first determine your eligibility to establish a health savings account. Consult your tax advisor to be sure, but eligibility points to consider include: 
  • You must 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.

  • You cannot have additional major-medical health insurance that does not meet the requirements of an HDHP, be entitled to receive benefits under Medicare, or claimed as a dependent on another's tax return.

  • Because it is your responsibility to determine your eligibility, we strongly urge you to confirm your eligibility with your tax accountant, attorney, or your insurance company's benefits consultant prior to opening an account.



Getting Started: 4 Easy Steps


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Additional Resources


Step 2: Open your HSA with Mercantile Bank

Visit any Mercantile Bank location to learn more and to open a Health Savings Account. 

Mercantile Health Savings Account

    • $100 minimum balance to open

    • No monthly service fee for our checking customers*

    • Unlimited transactions

    • Free Online and Mobile Banking

    • Free eBill Pay with eStatements

    • No annual fee Visa Debit Card 

    • No fee Automatic Savings Plans

    • Safe. Secure. FDIC Insured.

    • Direct Deposit Service

    • Competitive Rate Based on Your Balance

*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).

To learn more, determine your eligibility, or to apply, contact us at banking@mercbanx.com.