Health Savings Account (HSA)

Do you have a high deductible health plan?

What is an HSA and can I open one?

An HSA (Health Savings Account) is designed to help you pay for out-of-pocket medical expenses. You qualify for an HSA if you have a high-deductible health insurance plan. Contributions to HSAs can be made pre-income tax, which allows you to make withdrawals for qualified medical expenses tax-free.  Unlike a flexible spending account, unused funds can roll over from year to year.

Who qualifies for an HSA?

To be an eligible individual and qualify for an HSA, you must meet the following requirements:

  • You are covered under a High Deductible Health Plan (HDHP)
  • You have no other health coverage except what is permitted under “Other health coverage,” listed on IRS.gov
  • You are not enrolled in Medicare
  • You cannot be claimed as a dependent on someone’s tax return*

How much can I contribute?


Contributions can be made by you or your employer up to the maximum limit specified by law. Individuals age 55 and older can make an additional $1,000 catch-up contribution.

HSA Contribution Limits for 2024:

Single $4,150        Family $8,300

Are there tax benefits for me?


You get tax-free earnings* and tax savings when you contribute*.

*Please consult your tax advisor to determine your specific tax situation.


FAQ's

What happens to my HSA if I am no longer in a high deductible health care plan?
You won’t lose the money in your HSA account and you can continue to use the money for qualified medical expenses. However, you will not be able to make contributions to your HSA.
What is the difference between an HSA and a Flex Spending Account?
The main difference is that you will not lose your money in your HSA if you do not use it. The money in your HSA will carry over from year to year.
Will I receive a debit card and/or checks when I open a Health Savings Account?
You will receive a debit card.  However, checks are available for purchase.

Can I transfer my HSA at another bank to FNBT?
Yes. For instructions on transferring your current HSA to us, please call 309-925-2121.
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