Health Savings Account
Health Savings Accounts, better known as HSAs, are accounts which allow employers and individuals to contribute pre-tax dollars for future medical expenses.
The use of a high-deductible health insurance plan is required to be able to participate in an HSA.
- Summary
- Individuals and/or employers may make pre-tax contributions until the age of 65
- Both deposited funds and any accrued interest can accumulate tax-free until death
- Funds can be withdrawn, including interest, tax-free throughout an account-holders life as long as they are used to pay for qualifying medical expenses
- Upon an account-holders death, his or her HSA may be passed along to the surviving spouse without taxation and continue to accrue interest tax free
With an HSA from First Citizens National Bank you receive:
- Free Health Savings Account Checks
- A Free Health Savings Account Debit Card accepted anywhere MasterCard™ is accepted
- Tiered interest on all balances
- No minimum balance requirement
- All for only a $25 one-time set-up fee
- HSAs for Retirement Planning
HSAs as another option for retirement planning...
Since there is no use-it-or-lose-it requirement, unused balances can carry forward into retirement, tax free. A consumer can spend out of pocket for medical expenses while working, and save the balance in the HSA for retirement.
With a First Citizens National Bank Health Savings Account, you can use checks and a MasterMoney debit card to pay providers or purchase qualified medical supplies.
In addition, contributions for the current year can be automatically transferred from your First Citizens checking account each month, or you can make the transfer yourself with our NetTeller Internet Banking and our Bank-By-Phone services.
