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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 a Health Savings Account Checking.  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  • Money withdrawn from the account is tax-free if used to pay qualified medical expenses as permitted under federal tax law (see your tax preparer if you have any questions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

Account Type

Interest Rate**

APY*

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