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|
|Online and mobile banking||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
|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.