Health Savings Account
Manage your qualified medical costs with a First American Bank Health Savings Account (HSA). This tax-advantaged account can be used to pay for eligible medical and healthcare expenses:
Benefits of a Health Savings Account
- Triple tax advantage: (1) contributions; (2) interest earned; and (3) withdrawals for qualified expenses are all tax-free
- Pay for eligible medical expenses with your debit card or online bill pay
- HSA accounts are not “use it or lose it”. Your HSA balance will roll over year after year
- If you change jobs or leave the workforce, you can take your HSA with you
PLAN, SAVE, and PAY for healthcare expenses with a Health Savings Account
| Health Savings Account | |
|---|---|
| Open an account with as little as | $100 |
| Monthly service charge | $2 |
| Minimum Balance | None |
| Online and mobile banking | Complimentary |
| Debit Card | Complimentary |
| Check Writing | Unlimited |
| eStatements | Complimentary |
To be eligible for a Health Savings Account, you must be enrolled in a high-deductible health plan that meets IRS guidelines for the annual deductible and out-of-pocket maximum.
Additional eligibility and contribution requirements apply.
2018 Updated Eligibility Requirements and Contribution Limits
| Plan Details | 2017 | 2018 |
|---|---|---|
| Minimum Deductible | Individual = $1,300 | Individual = $1,350 |
| Family = $2,600 | Family = $2,700 | |
| Maximum Out-of-Pocket | Individual = $6,550 | Individual = $6,650 |
| Family = $13,100 | Family = $13,300 | |
| Contribution Limit | Individual = $3,400 | Individual = $3,450 |
| Family = $6,750 | Family = $6,900 | |
| 55+ Contribution | Individual = $1,000 | Individual = $1,000 |
| Family = $1,000 | Family = $1,000 |
Please consult with your tax advisor and/or state taxing authorities concerning any tax and/or compliance questions. You are responsible for complying with the laws that apply to your HSA. The HSA Trustee/Custodian does not act as your advisor.
