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Personal Banking : Health Savings

Do you have a High Deductible Health Insurance Plan?  Look to First National Bank to furnish your Health Savings Account.  We offer both Health Savings Account Checking and Savings.  This account will be used to hold your tax deductible contributions and to then pay for your medical expenses.

Qualifications

  • Must have a High Deductible Health Plan (Check with your health insurance provider to see if your plan meets this requirement)
  • Cannot be covered by another health plan
  • Cannot be enrolled in Medicare
  • Cannot be eligible to be claimed as a dependent on another person’s tax return

Benefits

  • Savings tool with investment earnings
  • Flexibility to pay current medical expenses or save for future needs
  • Tax-deductible contributions
  • Tax-deductible earnings
  • Tax-free distributions (if used properly)
  • Balance carries over from year to year
  • Remains with you, regardless of change in coverage or employment

Use of funds

  • Money withdrawn from the account is tax-free if used to pay qualified medical expenses as permitted under federal tax law (see your tax preparer if you have any questions whether a particular expense qualifies)
  • Most medical, dental, and vision care expense are included

 

Wisconsin

Account Type 

Interest Rate** 

APY* 

Health Savings Account Checking 0.010% 0.01%
Health Savings Account Savings 0.010%  0.01% 
*APY – Annual Percentage Yield
**Interest rates may change after the account is opened at any time.

Texas

Account Type 

Interest Rate** 

APY* 

Health Savings Account Checking 0.010% 0.01%
Health Savings Account Savings 0.010% 0.01%
*APY – Annual Percentage Yield
**Interest rates may change after the account is opened at any time.