Take control of your healthcare.
Put your health first with First Bank’s Health Savings Account (HSA). Individuals covered by high-deductible health plans can use account earnings for qualified medical expenses at any time without tax liability.
- You have a high-deductible health plan.
- You pay a lot in healthcare costs.
- You want tax-advantaged savings.1
- Receive a tax-free distribution from your HSA at any time to help pay for qualified medical expenses2
- Digital banking and bill pay to manage your account
- Access funds on the go with a First Bank HSA-specific debit card and checks
- Tax deduction for contributions even if deductions are not itemized
- Contributions made by employer may be excluded from gross income
- Contributions accumulate until used
- Earnings are tax free
- HSA may be transferred or rolled over to another HSA
- Complete IRS reporting available
- FDIC insured funds
- $50 deposit is required to open the account.
- A minimum balance fee of $3 is charged each statement cycle if the balance falls below $300 any day of the cycle. This fee is waived for the first 90 days.
- One-time set-up fee of $25 (includes the first order of checks and the debit card).
- Contributions may be made by the individual, their employer, or anyone. Contribution limits are set by the Department of the Treasury each year.3
- Designate a beneficiary when you set up your HSA. If your spouse is the designated beneficiary, then the HSA will be treated as your spouse’s after your death.4
- “Joint” HSA accounts are not permitted.
- Talk to a tax professional to confirm applicable benefits.
- Qualified medical expenses, as explained in IRS Pub. 502, include amounts paid for doctors’ fees, prescription medicines, and necessary hospital services not paid for by insurance. Qualified medical expenses may be incurred by you, your spouse, or your dependents.
- Contributions for the “prior” tax year are allowed through the tax filing date of the current year (usually April 15).
- Your spouse will not use the same account number. If you designated anyone other than your spouse as the beneficiary, then after your death the account will no longer be a HSA, and the beneficiary will be taxed based on the account’s fair market value in the year of your death. If your estate is the beneficiary, then the value of the account will be included on your final income tax return.