Health Savings Account
A Health Savings Account (HSA) is an affordable option for individuals and families concerned about the high cost of traditional health insurance.
Adults covered by a high-deductible health plan with an annual deductible of at least $1,250 for individual coverage or at least $2,500 for family coverage, are not eligible for Medicare or covered under another type of health plan, and cannot be claimed as a dependent on someone else’s tax return. (Consult your tax and legal advisors to determine your eligibility, contribution amounts, and distribution qualifications.)
HSA Benefits Protection from high or unexpected medical bills; payment option for wide range of medical expenses including those not covered by insurance. Tax-deductible contributions, tax-free earnings, tax-free withdrawals for qualified medical expenses. Ongoing: HSA deposits may be carried over from year to year. Portable: Keep your account even if you change jobs or become unemployed, change medical coverage, move, or change marital status.
Farmers Bank Health Savings Account (HSA) Minimum balance to open the account: $50.No fees.Free debit card and check-writing privileges (Complimentary box of 50 duplicate-style checks.) Interest: Tiered, variable rate (call bank or click here).