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A Health Savings Account can help make it easier to plan, save and pay for health care.  HSAs provide, for those eligible, an innovative way to save for medical expenses by allowing you to make deposits into an account on a tax-advantaged basis.

To be eligible, you must:

  • Have coverage under an HSA-qualified ‘high-deductible health plan’ (HDHP)
  • Have no other first-dollar medical coverage (other types of insurance like disability, dental care, vision care, or long term care insurance are permitted)
  • Not be enrolled in Medicare
  • Not be claimed as a dependent on someone else’s tax return

Benefits of an HSA:

  • Save money on health insurance and taxes (please consult your tax advisor)
  • Earn money on your investment
  • Take advantage of more options with your healthcare dollars
  • Save for future medical expenses
  • Roll balances over from year to year

An HSA provides you tax savings:

  • Tax deductions when you contribute to your account
  • Tax-free earnings through your investment
  • Tax-free withdrawals for qualified medical expenses

For information or to open an account:

  • Call 419-927-6392 or your local branch
  • Visit your nearest First National Bank of Sycamore location

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