We often take our physical health for granted — until we get sick, that is. Make sure you’re covered in the event of a medical emergency or just for simple routine check-ups with a Health Savings Account (HSA) from F&M Bank.
You’ll earn tax-free interest on your balance and contributions may even be tax deductible*. And there’s no use-it-or-lose-it policy. Your money will remain yours throughout your life.
Summary
- Tax-Advantaged, High-Interest Savings Account
- Tiered Rates of Interest (Increases as Balance Rises)
- No Minimum Balance Requirements
- Contributions are Tax Free or Tax Deductible*
- Interest Grows Tax Free
- Withdrawals are Tax Free When Used for Qualified Medical Expenses**
- Funds Rollover Year-to-Year Automatically
- Easy Access to Funds by Check, Debit Card, Online, or In-Person
- Free Starter Pack of Checks***
- Free E-Statements or $3.00 Monthly Maintenance Fee for Paper Statement
- Free Online Banking and Bill Pay
- Free Mobile Banking
- Free HSA Debit Card
- $25.00 Minimum Deposit to Open
Eligibility
In order to be considered eligible for a Health Savings Account, you:
- Must be Covered under a Qualified, High Deductible Health Plan
- Must not have Coverage by Another Type of Health Plan
- Cannot be Claimed as a Dependent on Another Person's Tax Return
- Cannot be Enrolled in Medicare
*Consult a tax advisor.
**Withdrawals for non-qualified medical expenses are subject to income tax and a 10% penalty. The 10% penalty is waived for persons 65 and over or who have become disabled.
***Variety mini pack of checks provided at the bank's selection.
