- An interest bearing checking account, the higher your balance the more you earn
- Unlimited check writing
- A no fee HSA debit card to use at your doctor’s office, pharmacy or drug store
- No minimum to open
- Internet Banking and Bill Pay at no charge
- A low set up fee. The fee will be waived if having automatic deposits or direct deposits.
For more information regarding Health Savings Accounts, visit one of our conveniently located branches or call 877.FNB.0100.
*A one time set up fee of $15, then a monthly fee of $3. The one time set up fee will be waived if having automatic deposits or direct deposits. Member FDIC
Frequently Asked Questions
Who is eligible?
You are eligible for an HSA if
- You are covered by a High Deductible Health Plan (HDHP).
- You are not covered by any other health plan that is not an HDHP. Certain exceptions for preventive care and other permitted coverage due apply. Check with your employer or health care provider for other health plan eligibility.
- You are not enrolled in Medicare.
- You are not a dependent on another person’s federal income tax return.
How does an HSA function?
It acts as a checking account, except that it is used only for qualified health related expenses. You can add money to it at any time. Use your debit card at the doctor’s office, pharmacy, hospital or any where that you make medical purchases. Or simply write a check!
What are the benefits of having an HSA?
- Contributions to an HSA may be tax deductible. Consult with your tax and legal advisors.
- Withdrawals for qualified medical expenses are tax free.
- Unlike flexible spending accounts, the HSA contributions you make belong to you and any unused funds remain in your account.
- HSA’s are personally owned and are portable.
What is the HSA owner’s responsibility?
It is the responsibility of the HSA’s owner to determine if they are eligible to open an HSA and to determine if the contributions and distributions are qualified. The bank is not responsible for monitoring contribution limits or distributions. The IRS requires that adequate documentation be retained to establish qualified medical expenses.
How is activity on my HSA reported?
First National Bank will report contributions and distributions to the IRS. As an owner of an HSA, you are responsible for reporting contributions and distributions to the IRS on form 8889.
What happens to my HSA at my death?
It depends on how the HSA is designed. If your spouse is the beneficiary, your spouse becomes the owner of the HSA when you die. If your spouse is not the beneficiary, the HSA becomes part of the estate.
How do I know what is included as a qualified medical expense?
Contact your HSA Administrator for a list of qualified medical expense or a complete list of qualified medical expenses can be obtained by visiting the IRS website, www.irs.gov and downloading publication 502.
Who can contribute to my HSA?
Contributions to HSAs can be made by the owner of the HSA, employer or both. All contributions are aggregated to determine whether the maximum limit has been reached.
What are the yearly contribution limits?
Please keep in mind that your annual HSA contribution can not exceed the deductible of your HDHP. For 2007, the contribution limit is $2,850 for single coverage (self only) and $5,650 for a family. In 2008, the contribution limits will be $2,900 for single (self-only) and $5,800 for a family. Individuals 55 and older who are covered by an HSA can make additional catch up contributions each year until they enroll in Medicare. Catch up contributions for 2007 is $800 and in 2008, $900.
Do unused funds in my HSA roll over every year?
Yes, the unused balance in your HSA automatically rolls over year after year. You will not lose money if you don’t spend it within the year.
Where can I get more information on HSA’s?
Additional information on Health Savings Accounts can be found by visiting the U.S. Treasury’s web site at www.treas.gov.
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