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Health Savings Account (HSA)

A Health Savings Account (HSA) is an affordable alternative for your health care. HSAs are used in conjunction with a "High Deductible Health Plan" which helps individuals and businesses obtain health coverage at a more affordable cost.

We can help with your Health Savings Account needs. Our personal bankers have the expertise to help set up accounts for individuals and/or employees of a business. Call us 751-2430 and ask for more Health Savings Account information.

Important Facts about HSAs:

  • HSAs are owned by the individual. Funds can be used to pay for current and future health care related expenses. Contributions to the HSA may be made by the individual or his or her employer.

  • Contributions by an employer are not taxable as income or wages to the employee and can be used as a deduction by the employer.
  • Contributions by the employer may limit individual contributions but don't eliminate them.
  • There are several flexible plans to consider that could fit individual businesses.
  • A Health Savings Account is 'portable' so it stays with you if you change employers or leave the work force. 

2013 Contribution limits

  • $3250* for Single Coverage per year

  • $6450* for Family Coverage per year

* subject to annual cost-of-living adjustments

Individuals age 55 and greater qualify for Catch Up Contributions 
  • 2013 and later - $1000

 

First National Bank Bemidji's Health Savings Account is a checking account with interest paid monthly on a collected balance. Check our Current Rates. There is a set up fee of $10 for each HSA account.

A HSA Debit Card is available for your convenience along with printed checks.

Statements are provided monthly. HSA account activity may be monitored by using 1st Net Connection or 1st TeleBanc at any time.

Call 751-2430 for an appointment to learn more about Health Savings Accounts. Our professionals will provide more HSA details that apply to each individual's health care needs.

*** Please note - Your Deposit Account Brochure - listed as Disclosures below -- Electronic Fund Transfers, Your Rights and Responsibilities --- does not apply for Health Savings Accounts. 

 

 

 

 

 

 

 

 

 

 

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