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.
- No monthly service fee
- Interest bearing
- No minimum balance required
- 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 $1,350 for single coverage or $2,700 for a family as of 2019
- 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 2019, you can contribute up to $3,500 for single coverage or up to $7,000 for family coverage.
Please contact a Security First Bank customer service representative for more information or to open an account.
We recommend consulting with a tax or legal professional for guidance on tax implications.