Health Savings Account
Do you have a High Deductible Health Plan? An HSA is a type of savings account that lets you set aside money on a pre-tax basis for qualified medical expenses. Our expert staff will help you decide if an HSA is right for you!
Contact or visit one of our convenient Southern Indiana locations to open your First Savings Bank HSA.
Frequently Asked Questions
What is an HSA?
HSA is an acronym for Health Savings Account. An HSA is a tax exempt trust created for the purpose of paying qualified medical expenses for the account owner and any individuals that are covered by a high-deductible health insurance plan.
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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