Effective January 1, 2025, First American Bank is the administrator of your medical and dependent care Flexible Spending Account (FSA) and Health Savings Account (HSA). Both a medical FSA and HSA allows you to set aside a portion of your salary, before taxes, to pay for qualified medical or dependent care expenses. Because that portion of your income is not taxed, you end up with more money in your pocket.
In order to enroll in a HSA you must be enrolled in the High Deductible Health Plan (HDHP) offered by the district. In addition, if you contribute to a HSA, you cannot participate in the healthcare FSA. You will need to enroll in a limited purpose FSA, which only reimburses for dental and vision expenses.
Follow these three steps and start making plans for that extra money you’ll bring home:
- Plan—how much money you want to set aside
- Spend— on dependent care and out-of-pocket medical expenses
- Collect—the money you’ve set aside
Customer Service Contact Information:
Call: 866-449-1150
Flexible Spending Accounts
Healthcare Flexible Spending Account (HCFSA)
Healthcare FSA allows you to set aside funds to reimburse expenses that are not covered by your medical, dental, and vision insurance, including your deductible and copays.
The 2025 IRS limit for Healthcare FSA contributions is $3,300
In some cases, you will be required to submit a receipt or an Explanation of Benefits (EOB) as substantiation for your expense. Vague or missing information causes your reimbursements to be delayed or become ineligible. You should always keep your receipts for documentation. If audited by the IRS at a later time, you will be required to produce documentation for all medical FSA expenses.
*Note: If you're enrolled in the H.S.A., you cannot participate in the FSA. You will need to enroll in a limited purpose FSA, which only reimburses for dental and vision expenses.
If you're enrolled in single HMO coverage, the Board contributes $500 to a healthcare FSA. You must either enroll in the FSA, even if you don't wish to contribute, or sign the waiver form below.
Dependent Care Flexible Spending Account (DCFSA)
Dependent care FSA gives you the opportunity to pay for childcare, elder care, or other dependent care services with pre-tax dollars. You can contribute up to $5,000 per household ($2,500 if marred and filing separate tax returns).
Eligible dependents are those you can claim that person as a dependent on your federal income taxes and include:
- Children under the age of 13
- A disabled spouse.
- Aging parent
As you incur dependent care expenses, you may submit a claim for reimbursement not to exceed the amount that is in your account at the time of reimbursement.
Health Savings Account
Employees who are enrolled in the PPO 3300 HDHP have the opportunity to set aside funds in their HSA before taxes, through convenient payroll deductions.
Health Savings Account
HSA’s are tax-exempt, personally owned, supercharged bank accounts. The 2025 IRS HSA limit is $4300 single if enrolled in single coverage and $8,550 if covering dependents. In addition, those over age 55 are able to contribute an additional $1,000 as a catch-up contribution.
Tax-exemptions offered by HSAs include:
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Contributions to an HSA are tax deductible and when processed as payroll deductions, the tax savings are immediate!
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All HSA’s offered by First American Bank pay Interest, as your savings grows you never have to worry about paying taxes on the interest your HSA earns. Creating an opportunity to build medical equity both short and long term.
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Distributions including payments and reimbursements for Qualified Medical, Dental and Vision Expenses are never taxed or penalized, helping to make healthcare more affordable.
No “Use it or Lose it” philosophy, because each eligible and participating staff member personally owns their account and unused balances roll-over at the end of each plan/calendar year. HSAs are also portable accounts, meaning account owners never lose ownership or control over an HSA due to termination or coverage changes (for example: choosing coverage under a traditional co-pay style plan during future open enrollment periods or due to a qualified life changing event).
About First American Bank
First American Bank is an Illinois-Chartered, privately held and full service financial institution with over 40 years of banking experience, recognized as a Top 20 HSA provider nationally. Headquartered in Elk Grove Village Illinois, managing a total of $5.9 billion dollars in assets under management. HSA banking with First American Bank focuses on the elimination of unnecessary monthly service fees, with a standard account offering free of any minimum balance and contribution requirements, contingent upon waiving monthly service related fees*. Helping qualified participants take advantage of the opportunity to save, invest and reduce their overall healthcare expenses.
See below additional resources:
First American Bank FSA and HSA Videos
First American Bank has How-to training videos to help you understand the different accounts and the portal you will utilize for either your FSA or HSA.
Intro to Health Savings Accounts
Health Savings Account Distributions & Contributions