Health Savings Accounts
Health Savings Accounts are tax-favorable savings arrangements for individuals covered by high deductible health insurance plans (HDHPs). HSA accounts allow individuals to save and withdraw funds tax-free when used for qualifying medical expenses. At the end of the year, any funds remaining in your account will carry over for use in future years. First Southern's HSA is completely independent and portable, even if you change insurance companies or jobs.
- Summary
- No minimum balance
- No transaction fees
- Free HSA MasterMoney debit card (Checks available upon request.)
- Free access to online tools such as our deductible tracker and tax reporting assistance
- Tiered interest rates reward higher balances with higher interest rates
- Investment options available through TD Ameritrade for balances over $3000, with a minimum transfer amount of $500
- Monthly Maintenance fee of $5
- One time set up fee of $25
- Eligibility
- Must be covered under a qualified, high deductible health plan
- Must not have coverage by another type of health plan
- Cannot be claimed as a dependent on another person's tax return
- Cannot be enrolled in Medicare
Contribution Limit is Determined By:
- Whether you have individual or family coverage
- Statutory annual limit set by the federal government
- If a person is age 55 or older, they are eligible to make "catch-up" contributions
- Resources
First Southern wants to be your HSA Bank! We offer unlimited access to online tools to help you manage healthcare expenses. Click on any of the following links for more information.
IRS: List of Qualified Expenses
Qualified vs. Non-Qualified Expenses
