Health Savings Account (HSA)

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• Greater personal control over healthcare management and expenses
• Prepare for qualified medical expenses
• Earn interest above standard savings
  • Maintain a minimum daily balance of $50 each day to obtain disclosed APY
• An HSA provides triple tax savings:
  • Tax deductions when you contribute to your account
  • Tax-free earnings through investment
  • Tax-free withdrawals for qualified medical, dental, vision expenses, and more¹
• Contributions are tax-free and can be made by you, your employer, or a third party
• Avoid the $4 monthly service fee by doing one of the following:
  • Maintain direct deposit of income; or
  • Open a relationship checking account, or
  • Link this account to a Certificate of Deposit or loan of $2,500 or more
• Unused funds remain in account year after year; no "use it or lose it" policy
• Keep your HSA in your name, regardless of career or life changes
• FVSBank HSA Debit Card included
• $25 enrollment fee
• $50 minimum deposit to open

¹Consult a tax advisor.

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A health savings account (HSA) is an account that you can use to pay for certain health care expenses. To open an HSA, you must be enrolled in a qualified high-deductible health plan or HDHP. 

If you are enrolled in a high-deductible health insurance plan (HDHP) as defined by the IRS, you can qualify for an HSA. You cannot open an HSA if:

• You have other health coverage that helps you pay for health care expenses before your deductible is met.
• You or your spouse has a flexible spending account (FSA) or health reimbursement arrangement (HRA).
• You also have Medicare or TRICARE.
• Someone else can claim you as a dependent.
• You have used Veterans Affairs hospital or medical services in the three months prior to opening your HSA, unless it was for a disability related to your military service.

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