A Health Savings Account (HSA) is an account that individuals can invest dollars to save for future medical expenses. An HSA is a tax-exempt account established for the purpose of paying medical expenses in conjunction with a High-Deductible Health Plan (HDHP).
A Health Savings Account from First National Bank combined with a high deductible health plan from your insurance provider can reduce healthcare costs, and provide you with a tax-advantaged, lifetime medical savings account.
Benefits of Owning a HSA
HSA funds roll over from year to year and always belong to you, growing tax deferred. Funds can be used for medical expenses and at the age of 65 can be withdrawn penalty-free for any reason.
A HSA debit card can be used to pay medical expenses at the point of service. You can take advantage of direct deposit to add money to your HSA.
HSAs give you greater freedom when making healthcare choices. You can also decide how much and when you want to contribute to your HSA.
HSA deposits are tax deductible and can be used to pay for medical expenses at any time. We recommend that you consult a tax advisor for details.
First National Bank HSA Features
- No Setup Fee
- No Annual Fee
- No Monthly Maintenance Fee*
- Interest Earned Monthly with a Tiered Rate
- Free Debit Card
- Free Online Statements
- Free Online Access
- Minimum Opening Balance $100
*If the balance is below $500, there is a $5 fee
Not sure if a High Deductible Health Plan is right for you?
Visiting with your trusted insurance agent or your Human Resources Department is the first place to begin.