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For the past 15 years, First American Bank has been proud to serve the HSA needs of clients nationwide. Agents and brokers who wish to provide these benefits to their individual, mid-size or large group clients can count on exceptional support from First American Bank's Broker Program and Account Team. We offer HSA  and HSA PLUS options, and our experienced team can offer your clients the following support:

  • Facilitated individual and employer HSA implementation
  • Informative employee communications to drive engagement
  • Dedicated contact with our HSA Account Team
  • Toll-free support at (866) 449-1150
  • If your clients are located in the Chicago area, our team will make an onsite presentation. We'll distribute and collect completed applications and answer any questions.
Broker Sales Materials

To learn more about how First American Bank's HSA program can add value to your current client offering, please contact an account manager at (866) 449-1150.

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

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.

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