Health Savings Accounts

Health Savings Accounts
A Health Savings Account from First National Bank of Arenzville is a great place to build your HSA dollars for future healthcare expenses.

WHAT IS A HEALTH SAVINGS ACCOUNT (HSA)? – A Health Savings Account is an account with funds set aside to be used for healthcare costs (other than insurance premiums). The Health Savings Account was created by the Federal Government specifically to be used by people who are currently enrolled in High Deductible Health Care/Insurance Plans (HDHP).

You decide how much you want to put into your HSA each month, or each year, up to the maximum limit set by the government. Your HSA contributions are tax deductible and reduce your taxable income dollar-for-dollar. The HSA dollars also earn interest tax free and then, when you use those funds for qualifying medical expenses, the money can be taken out of your account tax-free (consult a professional tax advisor for details).

Health Savings Account funds can only be used for qualifying medical expenses including deductibles, co-pays and co-insurance plus other qualified medical expenses that may not be covered by your insurance plan. If you don’t use your HSA dollars in a particular year, no problem! The funds continue to earn interest and rollover to the next year. With a Health Savings Account there is never a worry about losing your health savings.

If you qualify, there is a one-time $25 fee to set up a Health Savings Account at the First National Bank of Arenzville. Ready to get started? Contact a Blue Diamond Customer Service Representative with any questions or to start the process of opening your own Health Savings Account. (E-mail contact is for information only. Opening any FNBA savings, checking or loan account requires an in-person meeting with a Blue Diamond Customer Service Representative).


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