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Our team offers electronic and on-site enrollment assistance, educational materials and more

At First American Bank, our Employer Health Savings Program and Account Team can assist your employees in setting up an account that works for them, either an HSA or HSA Plus. Regardless of your location or company size, our dedicated staff will make the implementation process a smooth one. Resources include:

  • Extensive online FAQs at www.irs.gov
  • HSA calculators 
  • Informative tutorials
  • Comprehensive list of educational materials for employers, including flyers and brochures
  • Toll-free support at (866) 449-1150
  • If you're located in the Chicago area, our team will make an onsite presentation. We'll distribute and collect completed applications and answer any questions.
Educational Materials

Please complete our HSA Employer Sign Up Form and email HSA@firstambank.com or fax (847) 890-6733. Our Account Team will contact you directly to begin the enrollment process.

First American Bank is a full-service bank with branches in Illinois, Wisconsin and Florida.
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.

View all FAQs