Health Savings Account (HSA)
A Health Savings Account, or HSA, is a tax-advantaged account designed to help individuals and families with high deductible health insurance plans save for their out-of-pocket medical expenses. Contributions to HSAs are tax-deductible, and withdrawals for qualified healthcare expenses are tax-free as well.
- Earn up to 0.05% APY*
- No monthly service fee
- No minimum balance required to maintain account
- Online and Telephone banking
- HSA checks and debit cards available
Eligibility for this account requires that you:
- Have a high-deductible health plan of at least $1,400 for single coverage or $2,800 for a family as of 2020
- Are not entitled to Medicare benefits
- Cannot be claimed as a dependent on another individual’s tax return
You, your employer and your family members may contribute to this account, and expenses may be paid via check, HSA debit card or cash. As of 2020, you can contribute up to $3,550 for single coverage or up to $7,100 for family coverage. Effective 2021, you can contribute up to $3,600 for single coverage or up to $7,200 for family coverage.
How to open:
Please contact a Security First Bank customer service representative for more information or to open an account.
Make the Most Out of Your HSA:
Contribution Limits for 2021
The IRS announced new inflation-adjusted Health Savings Account contribution limits and max out-of-pocket limits for 2021. Individuals may contribute $3,600, up $50 from 2020, and families may contribute $7,200, up $100 from 2020. The maximum out-of-pocket limit for High-Deductible Health Plans (HDHP) will rise $100 to $7,000 for individuals and $200 to $14,000 for families. The minimum deductibles for HDHP will remain unchanged.
*Annual Percentage Yield (APY) effective 6/15/2020. Interest rates are tiered and based on account balances. Account balances $0.01 to $9,999.99 earn 0.05% APY, $10,000 to $29,999.99 earn 0.05% APY, and $30,000.00 and up earn 0.05% APY. Rates subject to change. See your local Security First Bank for the most current rate and additional details. We recommend consulting with a tax or legal professional for guidance on tax implications.