Health Savings Accounts
Increasing health insurance premium cost are motivating
employers and consumers to go with high deductible health insurance
plans. As a result, many people are turning to Health Savings
Accounts (HSA's) to assist with their additional out-of-pocket
A Health Savings Account (HSA) is a tax advantaged account that
can be used to pay for current or future qualified medical
expenses. HSA's are available to individuals who qualify and have a
high deductible health insurance plan.
If you qualify, you can make pre-tax and/or tax deductible
contributions into this account, subject to limits, reducing the
amount of federal income tax you pay. You can then make tax free
withdrawals to pay for qualified healthcare expenses. This can
include deductibles, co-payments, prescriptions, dental care, eye
care, etc. For a complete list refer to IRS publication 502 on
Medical and Dental Expenses.
The features of this account include:
- Qualifying contributions are tax deductible.
- Interest income grows tax deferred and distributions of income
for qualified medical expenses are tax exempt.
- The money left in the account at the end of the year rolls over
into the next year.
- Free Debit card available for qualifying medical expenses.
- Personalized FNB Checks.
- Low monthly fees or no fee with qualifying balance.
Contact us at any of our branch locations to open an account