Health Savings Account (HSA) Options for Individuals and Families
Set aside money to pay for healthcare expenses when you're enrolled in an HSA compatible health insurance plan
Open an HSA (opens in a new tab)
If your employer offers an HSA from First American Bank, please follow the enrollment instructions they provided.
Consumer Portal: Login (opens in a new tab)
24/7 account access
Manage your benefit accounts on the go
Check balances, make a contribution or distribution, manage investment options, and access your benefit accounts with the Consumer Portal and FAB Health mobile app.
Maximize your healthcare purchasing power and savings potential
Given the high cost of healthcare, many people with a high-deductible health plan (HDHP) establish a Health Savings Account (HSA) to pay for qualified medical expenses. Your HSA will provide you with control, tax savings, and flexibility as a wealth-building tool.
- Open your account with as little as $0
- Investment options1
- Free eStatements2
- Earns competitive interest rates
- Free prepaid Mastercard® debit card to pay medical providers
- Free online account access and mobile app, called FAB Health
- FDIC insured checking account
Call our Health Account Consumer Services team at (866) 449-1150, Monday - Friday from 7:00 a.m. - 7:00 p.m. CT, excluding holidays.
Employers
For information on offering tax-advantaged benefit accounts to your employees, call us at (847) 586-2239 to speak with a Health Account Services sales specialist.
First American Bank offers Health Savings and Benefit Accounts nationwide, and is a full-service bank with branches in Illinois, Wisconsin and Florida.
| Easy way to pay | The Health Account Services prepaid Mastercard® debit card comes with the added security of chip technology. Use your Health Account Services prepaid debit card to pay for doctor visits, trips to the pharmacy or for qualified healthcare expenses when shopping online. For a list of qualified medical expenses, visit IRS Publication 502. |
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| Investment options | Make the most of your account over the long term by investing in a select menu of low cost, competitive mutual funds. How it works: Once you reach the target cash balance of $1,000 in the checking account portion of your HSA, you can then perform an account sweep and move any additional funds into an array of investment options made available to you. |
| Consumer Portal | 24/7 online account access makes it easy to submit claims, access HSA investment details, view account summary reports and tax documents, and monitor your accounts. |
| Virtual organization | Consolidate all out-of-pocket expenses that are available via online or mobile expense/receipt “virtual shoebox” entries, view claims that have been filed, and debit card transactions and distributions initiated through the Consumer Portal attributable to qualified health expenses. |
| Mobile App | Submit claims, view HSA investment details, use the Eligible Expense Scanner to scan a product barcode to determine if the purchase is a qualified medical expense, check your balances and monitor your account all from your iOS (iPhone, iPod Touch, iPad), or Android-powered devices. Download the FAB Health mobile app from the Apple App Store or Google Play today. |
| Help when you need it | Our dedicated Health Account Consumer Services team is available to assist you with any questions. Call us at (866) 449-1150 Monday – Friday from 7:00 a.m. – 7:00 p.m. CT, excluding holidays. |
Limits
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Single
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Family
|
|---|---|---|
| Minimum Deductible | 2024: $1,600 2025: $1,650 |
2024: $3,200 2025: $3,300 |
| Maximum Out-of-Pocket | 2024: $8,050 2025: $8,300 |
2024: $16,100 2025: $16,600 |
| Contribution Limit | 2024: $4,150 2025: $4,300 |
2024: $8,300 2025: $8,550 |
| Catch-up Contribution (55 or older) | 2024/25: $1,000 | 2024/25: $1,000 |
Disclosures
1Prior to the end of each calendar quarter, we deduct a custodial management fee from your Investment Account in an amount of (.075%) per quarter or equal to an annual fee of (0.30%) on balances invested in mutual funds in your Investment Account. Investors should carefully read the Fund prospectus, which includes information on the Fund's investment objectives, risk, as well as charges and expenses along with other information before investing or sending money. Funds in the investment portion of your HSA account are Not FDIC insured, May Lose Value and are Not Bank Guaranteed. Neither First American Bank nor its subsidiaries (collectively "First American Bank") are registered investment advisors nor is First American Bank acting in the capacity of a registered investment advisor with respect to the offering of HSA investment options. Participation in the investment options is voluntary. Under no circumstances is First American Bank offering any of the HSA investment options and First American Bank makes no representations with respect to the investment options offered. First American Bank disclaims any and all liability, contingent or otherwise, for the performance of the investment options. Please see your financial advisor for personal investment advice.
2$3.95 monthly fee will be charged if the customer receives paper statements.
Get Started
To be an eligible individual and qualify for an HSA, you must meet the following requirements. 1) You are covered under a high-deductible health plan (HDHP) on the first day of that month 2) You covered under an HSA qualified High Deductible Health Plan (HDHP) and have no other health coverage except what is permitted under “Other health coverage” 3) You are not enrolled in Medicare 4) You cannot be claimed as a dependent on someone else’s tax return.
An HSA is a special tax-advantaged savings account similar to a traditional Individual Retirement Account (IRA) but designated for medical expenses. An HSA allows you to pay for current eligible healthcare expenses and save for future qualified medical and retiree healthcare expenses on a tax-favored basis.
HSAs provide triple-tax advantages: contributions, investment earnings, and qualified distributions all are exempt from federal income tax, FICA (Social Security and Medicare) tax and state income taxes (for most states).
Unused HSA dollars roll over from year-to-year, making HSAs a convenient and easy way to save and invest for future medical expenses. You own your HSA at all times and can take it with you when you change medical plans, change jobs or retire.
Funds in the account not needed for near-term expenses may be able to be invested, providing the opportunity for funds to grow. Refer to the Consumer Portal to find out your investment options.
To be eligible to set up an HSA and to make contributions, you must be covered by a qualified high-deductible health plan, or HDHP.
HSAs provide triple-tax advantages: contributions, investment earnings, and qualified distributions all are exempt from federal income tax, FICA (Social Security and Medicare) tax and state income taxes (for most states).
Unused HSA dollars roll over from year-to-year, making HSAs a convenient and easy way to save and invest for future medical expenses. You own your HSA at all times and can take it with you when you change medical plans, change jobs or retire.
Funds in the account not needed for near-term expenses may be able to be invested, providing the opportunity for funds to grow. Refer to the Consumer Portal to find out your investment options.
To be eligible to set up an HSA and to make contributions, you must be covered by a qualified high-deductible health plan, or HDHP.
- To be eligible to contribute to an HSA, you must be covered by a qualified HDHP and have no other first dollar coverage (insurance that provides payment for the full loss up to the insured amount with no deductibles).
- You may use your HSA to help pay for medical expenses covered under a HDHP, as well as for other common qualified medical expenses.
- Unused HSA funds remain in your account for later, and may be able to be invested in a choice of investment options, providing the opportunity for funds to grow.
The insurance company pays covered medical expenses above your deductible, except for any coinsurance; you can pay coinsurance costs with tax-free money from your HSA. In addition, you can use your HSA tax-free dollars to pay for qualified medical expenses not covered by the HDHP, such as dental, vision and alternative medicines.
Contributions
Tax-free contributions to your HSA can be made in a variety of ways, including:
- Pre-tax payroll contributions, if available through your employer.
- Online transfers — transfer funds directly to your HSA from your linked personal savings or checking account
- Send a check to First American Bank Health Account Services for deposit into your HSA.
- Rolling over or making a transfer from an existing IRA (Individual Retirement Account) to an HSA, but only once in your lifetime.
Distributions from your HSA are used to pay for qualified medical expenses. This can be done by the following methods:
- Paying for purchases and medical services using your First American Bank Health Account Services prepaid Mastercard® debit card.
- Using online bill pay through your online Consumer Portal.
- Requesting self-reimbursement through the Consumer Portal when you have already paid out-of-pocket for qualified expenses.
- Paying with an HSA check (fees may apply).
Your HSA allows you to save pre-tax income that you can use to pay for qualified short- and long-term medical expenses. It complements your HDHP, giving you an additional method to save specifically for healthcare costs.
For 2023, the maximum contribution for an eligible individual with self-only coverage is $3,850 ($4,150 in 2024) and the maximum contribution for an eligible individual with family coverage is $7,750 ($8,300 in 2024). Individuals who are eligible individuals on the first day of the last month of the taxable year (December for most taxpayers) are allowed the full annual contribution (plus catch up contribution, if 55 or older by year end), regardless of the number of months the individual was an eligible individual in the year.
- HSA accountholders can choose to save up to $3,850 ($4,150 in 2024) for an individual and $7,750 ($8,300 in 2024) for a family (HSA holders 55 and older get to save an extra $1,000 - and these contributions are 100% tax deductible from gross income.
- Minimum annual deductibles are $1,500 ($1,600 in 2024) for self-only coverage or $3,000 ($3,200 in 2024) for family coverage.
At age 65 and older, your funds continue to be available without federal taxes or state tax (for most states) for qualified medical expenses; for instance, you may use your HSA to pay certain insurance premiums, such as Medicare Parts A and B, Medicare HMO, or your share of retiree medical coverage offered by a former employer. Funds cannot be used tax-free to purchase Medigap or Medicare supplemental policies.
If you use your funds for qualified medical expenses, the distributions from your account remain tax-free. If you use the monies for non-qualified expenses, the distribution becomes taxable, but exempt from the 20 percent penalty. With enrollment in Medicare, you are no longer eligible to contribute to your HSA. If you reach age 65 or become disabled, you may still contribute to your HSA if you have not enrolled in Medicare.
If you use your funds for qualified medical expenses, the distributions from your account remain tax-free. If you use the monies for non-qualified expenses, the distribution becomes taxable, but exempt from the 20 percent penalty. With enrollment in Medicare, you are no longer eligible to contribute to your HSA. If you reach age 65 or become disabled, you may still contribute to your HSA if you have not enrolled in Medicare.
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