Prepare for qualified medical expenses with an FVSBank health savings account (HSA). With an HSA, you can afford to make your health a priority.
- Competitive Interest
- Tax Advantages1
- Debit Card
- 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.
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. This means your deductible is at least $1,300 if you have insurance for only you, or $2,600 if you have insurance for yourself and your family.
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.
|Coverage||Contribution Maximum 2020||Contribution Maximum 2019|
|Individual with Self Coverage||$3,550||$3,500|
|Individual with Family Coverage||$7,100||$7,000|
|Catch Up Contributions (Age 55 and older)||$1,000||$1,000|