Phone: (912) 489-BANK

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

Frequently Asked Questions

Are you Eligible for a Health Savings Account?

Healthcare Reform and Updates