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Health Savings Account (HSA)

Navigating healthcare expenses can be challenging, especially if they come at unexpected times. At First Savings Bank, we are here to offer you an account that can help you efficiently manage these healthcare costs. A Health Savings Account (HSA) offers you a convenient way to set aside funds for medical expenses as they start to incur, while also giving you valuable tax advantages.

What is a Health Savings Account?

A Health Savings Account (HSA) is a tax-advantaged savings account that works in conjunction with a High-Deductible Health Plan (HDHP). It allows you to set aside pre-tax dollars to pay for qualified medical expenses.

Health Savings account features:

  • Tax-free contributions
  • Tax-free growth
  • Tax-free withdrawals for qualified medical expenses
  • Funds roll over year after year

If you have a high-deductible plan and are eligible to open an HSA account, visit one of our convenient locations to open your First Savings Bank HSA.

Frequently Asked Questions:

Who can have an HSA?

Any individual who is covered by a high-deductible health plan (HDHP) that is HSA eligible can have a Health Savings Account. If you are unsure if your health insurance plan is a high-deductible plan or if it allows for participants to utilize Health Savings Accounts, check with your insurer.

Can I have a joint account holder on my HSA?

Per IRS regulation, Health Savings Accounts are only permitted one account owner; however the account owner may appoint one authorized signer. The authorized signer can be any individual of the account owner’s choice. Both the account owner and the authorized signer are permitted to transact on the account.

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