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Health Savings Account Services

A Health Savings Account (HSA) is a tax-exempt trust or custodial account you set up with a qualified HSA trustee (First American Bank) to pay or reimburse qualified medical expenses you and your family incur. You must be an eligible individual to qualify for an HSA.
To be an eligible individual and qualify for an HSA, you must meet the following requirements. 1) You are covered under a high-deductible health plan (HDHP) on the first day of that month 2) You covered under an HSA qualified High Deductible Health Plan (HDHP) and have no other health coverage except what is permitted under “Other health coverage” 3) You are not enrolled in Medicare 4) You cannot be claimed as a dependent on someone else’s tax return.
A high-deductible health plan (HDHP) is a health insurance plan with lower premiums and higher deductibles than a traditional health plan. Being covered by an HDHP is also a requirement for having a health savings account. To view limits, visit our HSA page.

Deductibles and out-of-pocket expenses index annually, adjusting for inflation. All qualified medical expenses are used to reduce the plan's deductible, before the insurer starts paying claims (preventive care excluded). HSAs help reduce the overall cost of the plan's deductible due to their tax advantages and long-term savings/potential growth.
Yes. The HDHP must limit out-of-pocket expenses. To view these limits click here.
These amounts index annually, adjusting for inflation.
It is a checking account.

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Health SavingsPLUS Account Services

HSA Distribution Forms will be mailed in January. You should expect this form if you opened an HSA and took distributions, including rollover distributions, or had a taxable event in the prior tax year.
HSA Contribution Forms will be mailed in May. You will receive this form if you made any contributions, including rollover contributions, into your HSA for the prior tax year. The form will not be available until May because prior year contributions are allowed until the tax filing deadline.
The First American HSA PLUS account allows you to invest a portion of your HSA in a variety of different mutual funds. These mutual funds may provide higher yields than you would otherwise earn if your funds were left solely in your HSA. The Health SavingsPLUS Account is composed of two parts: A checking portion – This is an interest bearing account that works just like our traditional HSA. You can write checks, make deposits, and use your debit card to pay any qualified medical expenses. The checking portion is an FDIC insured deposit account. The investment portion gives you the ability to invest in a variety of nationally recognized mutual funds. Savings held in the investment portion are not insured by the FDIC, not bank guaranteed and may lose value.
Every investor should be able to design an investment plan to meet their individual needs and goals. We have selected several nationally recognized mutual funds. See current fund offerings by clicking here.
No. However, you need to have a balance in excess of $2,000 in the checking portion of your account prior to making any investments. While your balance may fall below $2,000 as you pay for qualified medical expenses, you will need to bring your balance back above $2,000 before you can make any future investments.

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