Check balances, make a contribution or distribution, manage investment options, and access your benefit accounts with the Consumer Portal and FAB Health mobile app.
Guiding you from account opening through ongoing management
Frequently Asked Questions
- Is a CDH Plan Right for Me Video https://vimeo.com/443152100
- What Is a FSA and How Does It Work Video https://vimeo.com/443153017
- Dependent Care FSA Overview Video https://vimeo.com/443370785
- QSE-HRA Overview Video https://vimeo.com/443372240
- Commuter Benefits Overview Video https://vimeo.com/443368985
Qualified Medical Expenses
- Please refer to IRS Publication 502
|Minimum Deductible||2020: $1,400
|Maximum Out-of-Pocket||2020: $6,900
|Contribution Limit||2020: $3,550
|Catch-up Contribution (55 or older)||2020/21:
HSAs provide triple-tax advantages: contributions, investment earnings, and qualified distributions all are exempt from federal income tax, FICA (Social Security and Medicare) tax and state income taxes (for most states).
Unused HSA dollars roll over from year-to-year, making HSAs a convenient and easy way to save and invest for future medical expenses. You own your HSA at all times and can take it with you when you change medical plans, change jobs or retire.
Funds in the account not needed for near-term expenses may be able to be invested, providing the opportunity for funds to grow. Refer to the Consumer Portal to find out your investment options.
To be eligible to set up an HSA and to make contributions, you must be covered by a qualified high-deductible health plan, or HDHP.
- To be eligible to contribute to an HSA, you must be covered by a qualified HDHP and have no other first dollar coverage (insurance that provides payment for the full loss up to the insured amount with no deductibles).
- You may use your HSA to help pay for medical expenses covered under a HDHP, as well as for other common qualified medical expenses.
- Unused HSA funds remain in your account for later, and may be able to be invested in a choice of investment options, providing the opportunity for funds to grow.
The insurance company pays covered medical expenses above your deductible, except for any coinsurance; you can pay coinsurance costs with tax-free money from your HSA. In addition, you can use your HSA tax-free dollars to pay for qualified medical expenses not covered by the HDHP, such as dental, vision and alternative medicines.
Tax-free contributions to your HSA can be made in a variety of ways, including:
- Pre-tax payroll contributions, if available through your employer.
- Online transfers — transfer funds directly to your HSA from your linked personal savings or checking account
- Send a check to First American Bank Health Account Services for deposit into your HSA.
- Rolling over or making a transfer from an existing IRA (Individual Retirement Account) to an HSA, but only once in your lifetime.
Distributions from your HSA are used to pay for qualified medical expenses. This can be done by the following methods:
- Paying for purchases and medical services using your First American Bank Health Account Services prepaid Mastercard® debit card.
- Using online bill pay through your online Consumer Portal.
- Requesting self-reimbursement through the Consumer Portal when you have already paid out-of-pocket for qualified expenses.
- Paying with an HSA check (fees may apply).
Your HSA allows you to save pre-tax income that you can use to pay for qualified short- and long-term medical expenses. It complements your HDHP, giving you an additional method to save specifically for healthcare costs.
- HSA accountholders can choose to save up to $3,550 for an individual and $7,100 for a family (HSA holders 55 and older get to save an extra $1,000 - and these contributions are 100% tax deductible from gross income.
- Minimum annual deductibles are $1,400 for self-only coverage or $2,800 for family coverage.
Please refer to the Consumer Portal for a listing of investments available to you along with their return rate. Via Consumer Portal, you may choose which mutual funds you wish to purchase and sell. You may use Consumer Portal to review your investments as well as update the percentage allocated to each mutual fund you have chosen.