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Our HSA will maximize your healthcare purchasing power and savings potential

Given the high cost of health care, many people with a high-deductible health plan (HDHP) establish a Health Savings Account (HSA) to pay for qualified medical expenses. Your HSA will provide you with control, tax savings, and flexibility as a wealth-building tool.

At First American Bank, we offer two types of HSA accounts, one of which includes an investment option. Plus, we're eager to work closely with any employer who offers an employer-sponsored HSA plan as part of their employee benefit package.

For a list of qualified medical expenses, visit IRS Publication 502.

Call us at (866) 449-1150 to speak with an account representative today.

Contribution Limits

Limits
Single
Family
Minimum Deductible 2019: $1,350
2020: $1,400
2019: $2,700
2020: $2,800
Maximum Out-of-Pocket 2019: $6,750
2020: $6,900
2019: $13,500
2020: $13,800
Contribution Limit 2019: $3,500
2020: $3,550
2019: $7,000
2020: $7,100
Catch-up Contribution (55 or older) 2019/20:
$1,000
2019/20:
$1,000
Disclosures

1$3.95 monthly fee will be charged if the customer receives paper statements. View HSA disclosure

2$4.95 monthly investment fee will apply. Investors should carefully read the Fund prospectus, which includes information on the Fund's investment objectives, risk, as well as charges and expenses along with other information before investing or sending money. Funds in the investment portion of your HSA PLUS account are Not FDIC Insured, Not Bank Guaranteed, and May Lose Value.

Neither First American Bank nor its subsidiaries (collectively "First American Bank") are registered investment advisors nor is First American Bank acting in the capacity of a registered investment advisor with respect to the offering of HSA investment options. Participation in the investment options is voluntary. Under no circumstances is First American Bank offering any of the HSA investment options and First American Bank makes no representations with respect to the investment options offered.

First American Bank disclaims any and all liability, contingent or otherwise, for the performance of the investment options. Please see your financial advisor for personal investment advice. View HSAPlus disclosure

Frequently Asked Questions

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.

View all FAQs