Health Savings Account (HSAs)

A Health Savings Account can help make it easier to plan, save and pay for health care.  HSAs provide, for those eligible, an innovative way to save for medical expenses by allowing you to make deposits into an account on a tax-advantaged basis.

To be eligible, you must:

Have coverage under an HSA-qualified ‘high-deductible health plan’ (HDHP)

Have no other first-dollar medical coverage (other types of insurance like disability, dental care, vision care, or long term care insurance are permitted)

Not be enrolled in Medicare

Not be claimed as a dependent on someone else’s tax return

Benefits of an HSA

Save money on health insurance and taxes (please consult your tax advisor)

Earn money on your investment

Take advantage of more options with your healthcare dollars

Save for future medical expenses

Roll balances over from year to year

An HSA provides you tax savings

Tax deductions when you contribute to your account

Tax-free earnings through your investment

Tax-free withdrawals for qualified medical expenses

For Information or to Open an Account

Call 800-451-3942

Visit your nearest First National Bank of Sycamore locations